On a sell side M&A deal, the client wants as high a price as possible....and the bank advising them wants as high a price as possible to boost their fee.
On a buy side M&A deal, the client wants as low a price as possible. Does the bank representing the buyer get a smaller fee if the size of the deal (price) is lower?
How are M&A groups advising a buyer incentivized to bring the price down?