I do agree often buyers overlook the most important aspects of Tax DD expectations. Tax is highly technical area differs from country to country therefore clearly need an expert who has sound knowledge and experience. There are more broken deals than successful deals from the perspective of tax DD point of view primarily because of different valuation expectations, some of the deals did not materialize because of this reason. There is also regulatory constraint that could stop the buyer materialize the deal because of their significant market control/share that they are some challenges in getting the regulatory approval. There is also strong aversion to risk and buyers to really want to make sure they are buying the right target or make sure they get into partnership with right people etc. The buyers also lost deals because there is a strong competition for quality targets.
