I largely agree with Paul’s view. ‘Don’t listen to your M&A advisers’ can be quite a generalizing statement. Good M&A advisers would not push you to achieve an outcome that is not in your best interest. A success fee arrangement with the adviser is even prohibited in certain jurisdictions. Ultimately, the purpose of an adviser is to put forward his/her expertise (taking into account his/her fiduciary duty to the client), and to the extent that the adviser has expertise which the client may not necessarily possess, there could very well be value added there already.