> The due diligence process is designed to ensure the last one is ferreted out. That's the stated purpose, yes, but the author implies the due diligence proces

> The due diligence process is designed to ensure the last one is ferreted out. That's the stated purpose, yes, but the author implies the due diligence process is made to be intentionally painful and drawn-out to gain leverage over the acquisition target, and to dig up dirt in the company. At the end of the process, the new leverage and new dirt is used to try to aggressively re-negotiate the deal. Most companies don't cave to this, so most deals don't go through. Presumably, this guy short circuits the process by just low-balling right off the bat then moving on if they don't accept, which saves both parties time and money.