I think it’s 50/50. If the will to do the deal is very strong, DD becomes more of an exercise to get the seller to reduce the valuation. It also helps the buyer figure out areas of risk post-acquisition, so that the buyer can put in control measures.
In other cases where the will to do the deal is not strong, or the commercial aspects of the deal is not very attractive, then DD becomes justification to walk away from the deal, without hurting relationships with the seller too much
