M&A Deals Are Getting More Complex. So is Information Risk.
New analysis of nearly two decades of M&A activity reveals which transaction characteristics are most closely associated with deal leaks and what happens when confidential information reaches the market early.
Mergers and acquisitions (M&A) transactions require sensitive information to move across a broad network of people, organizations and systems, often across jurisdictions and industries. All have a legitimate reason to be there. Every additional touchpoint can make that information harder to control, increasing the risk of an unintended disclosure or leak.
Where is information most vulnerable, and which aspects of a transaction should dealmakers pay closest attention to? The 2026 M&A Deal Leaks Report looks beyond overall leak rates to examine which types are the most susceptible to leaks and how leaked transactions ultimately play out.
Produced by SS&C Intralinks alongside Professor Scott Moeller and Dr. Valeriya Vitkova of the M&A Research Centre (MARC) at Bayes Business School, City St. George’s, University of London, the report analyzes 16,764 global M&A bids announced between 2009 and 2025. It offers a long-term view of information risk, alongside new analysis of how deal structure and execution strategy relate to leaks.
Looking beyond the headline leak rate
Globally, 8.9 percent of M&A deals leaked before announcement in 2025, down from the study-wide high of 9.5 percent recorded in 2024 but still above the long-term average of 7.9 percent.
Behind that global trend are significant differences in where leaks occur and the types of transactions involved. For the first time, the research compares leak rates by deal value, cross-border and cross-industry activity, advisor involvement and method of payment, adding a transaction-level perspective to the report’s existing analysis of countries, regions and sectors.
Some of the more revealing differences emerge when the analysis turns to the transaction’s geographic and advisory footprint.
More participants, more points of exposure
Cross-border acquisitions involve additional jurisdictions, regulatory requirements and local advisors, while cross-industry deals often require expertise from specialists outside the core deal team. The research finds notable differences in leak rates depending on whether a deal crosses geographic and industry boundaries.
The analysis also shows a distinct relationship between advisor involvement and leak rates. For example, deals with the highest level of buy-side financial advisor involvement recorded a 12.0 percent long-term leak rate, compared with the sample-wide average of 7.9 percent.
However, greater advisor involvement did not always correspond with higher leak rates. Results varied by advisor type and which side of the deal they represented, suggesting that the composition of the advisor group may matter as much as its size.
What happens when deals leak
Understanding where leaks occur is only part of the analysis. Equally important is what happens to a transaction once information reaches the market early. One of the clearest distinctions is in takeover premiums. In 2025, leaked deals carried a median takeover premium of 50.2 percent, compared with 28.6 percent for non-leaked deals.
The picture is markedly different across other measures. Over the longer study period, rival-bid activity, completion rates and deal timelines show relatively little difference between leaked and non-leaked transactions. Taken together, the findings challenge the strategic rationale for deliberately leaking a deal. Aside from higher takeover premiums, the data shows little evidence of other meaningful advantages.
Keeping sensitive information under control
Whatever the strategic rationale, a leak can complicate negotiations, expose participants to legal and regulatory risk, and erode trust. To protect the integrity of the process, deal teams need to maintain control over how sensitive information is accessed and shared without slowing the collaboration required to keep a transaction moving.
SS&C Intralinks DealCentre AI™ brings diligence, documents and collaboration into a secure, governed environment built for M&A. Its purpose-built AI engine, Link, helps teams automate administrative work and surface insights without moving sensitive deal information outside the Intralinks platform.
As deal structures and participant networks become more complex, information control must keep pace. The latest leak data gives dealmakers a clearer view of where deals may be most vulnerable and what deserves closer attention to reduce the risk of information reaching the market early.
Download the 2026 M&A Deal Leaks Report for the complete analysis of the transaction characteristics, markets and sectors associated with deal leaks.