Navigating the New M&A Landscape

As the pace of mergers and acquisitions accelerates in 2026, companies are navigating a far more complex environment than in prior deal cycles. Beyond financial and strategic considerations, transactions now unfold under intense scrutiny from shareholders, regulators, policymakers, employees and activists.

That reality was front and center during CommPRO’s recent webinar, Navigating the New M&A Landscape, where leaders from FTI Consulting, Paul Hastings, Hogan Lovells and Sodali discussed how companies can successfully prepare for and execute major transactions in today’s environment.

The panel made clear that M&A has become as much about stakeholder strategy as it is about financial engineering.

Dan Scorpio, Senior Managing Director at FTI Consulting, opened the conversation by noting that the deal process now requires a much broader view of engagement.

“M&A today is no longer just about the transaction itself. Companies have to think about how they engage shareholders, regulators, employees and policymakers from the very beginning of the process,” Scorpio said.

That shift means deal teams must integrate multiple disciplines from the start.

“Successful dealmaking increasingly requires a coordinated strategy across communications, government relations, legal and investor engagement,” he said.

Scorpio also emphasized that companies must be prepared for sustained scrutiny throughout the process.

“Announcement day is only the beginning. Companies need to be prepared for sustained engagement with shareholders and other stakeholders throughout the life of a transaction.”

In a fast-moving market environment, preparation remains one of the most important differentiators.

“The environment for M&A is evolving quickly, and companies that prepare early and understand their stakeholder landscape are far better positioned to get deals across the finish line,” Scorpio added.

Andrew Goodman, Partner at Paul Hastings, noted that deal activity has accelerated significantly this year.

“M&A activity this year is living up to expectations of a brisk market, with boards and management teams increasingly willing to act when they see a strategic opportunity,” Goodman said.

While activist investors continue to play a visible role in the market, Goodman suggested their influence is often misunderstood.

“In many cases activists are not the originators of M&A ideas. More often they act as accelerators, pushing companies and shareholders to move more quickly on strategies that boards may already be evaluating.”

For boards, that reality underscores the importance of governance and documentation.

“One of the most important things boards can do is ensure they have a strong and well documented process that shows how decisions were evaluated,” Goodman said.

And while communications at announcement remains critical, companies must remember that the work continues long after the press release.

“A well prepared communications strategy at announcement is essential, but companies should also recognize that there is a long period between announcement and the shareholder vote to continue engaging investors.”

Government and regulatory considerations are also playing a much larger role in shaping the M&A landscape.

Aaron Cutler, Partner and Head of Government Relations at Hogan Lovells, explained that companies are now factoring Washington dynamics into their planning much earlier.

“M&A activity has started the year at a very brisk pace, and companies are bringing Washington considerations into the deal process much earlier than they used to,” Cutler said.

That shift reflects the growing influence of policymakers and regulators in evaluating transactions.

“Washington has become a much more central factor in dealmaking as companies think about how regulators, policymakers and Congress will view a transaction.”

Waiting until a deal faces scrutiny is often too late.

“You do not want to start building relationships with policymakers only when a deal is already facing opposition,” he said.

When lawmakers assess a transaction, their priorities often focus on broader public impacts.

“In Washington, the first questions tend to be about jobs, affordability and how a transaction will affect local economies.”

For companies contemplating a major transaction, Cutler offered straightforward advice.

“Every company considering a major transaction should at least map out a Washington strategy and understand where potential risks may come from.”

Valerie Mack, Managing Director at FTI Consulting, highlighted how stakeholder expectations have expanded in recent years.

“Having a Washington strategy is no longer a nice to have for major transactions. It has become a necessity,” Mack said.

But while companies often concentrate heavily on regulatory planning, Mack noted they must not lose sight of their investor narrative.

“Companies sometimes focus so much on regulatory strategy that they forget they still need to clearly explain the strategic and financial rationale of the deal to shareholders.”

At the core of every transaction announcement is a simple question from stakeholders.

“Every stakeholder asks the same question when a deal is announced: what does this mean for me.”

Mack also echoed Goodman’s observation about activist investors.

“Activists often accelerate conversations that boards were already having, which is why communicating how strategic options are being evaluated is so important.”

Preparation remains one of the most effective ways to navigate uncertainty.

“Prior preparation prevents poor performance. The more companies plan and map their stakeholders in advance, the better positioned they will be when surprises arise during a deal process,” Mack said.

From the investor perspective, the rollout of a transaction has become increasingly sophisticated.

Bill Dooley, Head of M&A and Activism Advisory at Sodali, explained that companies now coordinate multiple communications streams simultaneously.

“The rollout of an M&A announcement has become much more sophisticated, with companies preparing communications simultaneously for investors, employees, policymakers and other stakeholders.”

Investors in particular expect clarity and speed when evaluating a deal.

“Investors want a clear explanation of the strategic rationale and valuation behind a transaction, and they want that message immediately.”

Understanding how different shareholders interpret information can also shape the success of a transaction.

“Understanding your shareholder base and how different investors process information is a critical advantage when preparing for a deal.”

In contested situations, proxy advisory firms may still influence investor decision-making.

“Proxy advisory firms can still play a significant role in contested M&A situations, especially when investors are evaluating process, valuation and market reaction.”

Dooley encouraged companies to pressure test their own strategies before announcement.

“One of the most valuable exercises companies can do is look at their own transaction through an activist or skeptical investor lens before announcing it.”

Across the conversation, a consistent theme emerged. The modern M&A environment demands a more integrated approach that blends financial strategy, communications, regulatory planning and investor engagement from the outset.

Companies that succeed in this environment are those that prepare early, understand their stakeholder landscape and approach transactions as complex, multi-audience campaigns rather than purely financial events.