When to Walk Away from a Deal

HBR — 14 July 2026

Harvard Business Review advises walking away from a deal when rigorous due diligence reveals a failure to align with strategic logic or when the price exceeds a pre-defined maximum. To avoid "deal fever" and emotional decision-making, companies must evaluate the target’s operational reality, stand-alone value, tangible synergies, and hard walk-away prices. by Geoffrey Cullinan, Jean-Marc Le Roux and Rolf-Magnus Weddigen