{"id":901,"date":"2026-09-04T14:48:52","date_gmt":"2026-09-04T14:48:52","guid":{"rendered":"https:\/\/dfexa.com.br\/en\/?p=901"},"modified":"2026-09-04T14:50:46","modified_gmt":"2026-09-04T14:50:46","slug":"post-ma-disputes-how-purchase-price-adjustments-earn-outs-and-representations-and-warranties-can-turn-an-acquisition-into-arbitration","status":"publish","type":"post","link":"https:\/\/dfexa.com.br\/en\/post-ma-disputes-how-purchase-price-adjustments-earn-outs-and-representations-and-warranties-can-turn-an-acquisition-into-arbitration\/","title":{"rendered":"Post-M&amp;A Disputes: How Purchase Price Adjustments, Earn-Outs, and Representations and Warranties Can Turn an Acquisition into Arbitration"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Post-M&amp;A Disputes: How Purchase Price Adjustments, Earn-Outs, and Representations and Warranties Can Turn an Acquisition into Arbitration<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The signing and closing of a merger or acquisition transaction do not necessarily mark the end of discussions between buyer and seller.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In many transactions, a significant portion of the price, obligations, or risks remains linked to events occurring after closing. Working capital adjustments, net debt, earn-outs, indemnification provisions, and contractual warranties may require calculations, interpretations, and verification months or even years after the acquisition is completed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is precisely during this period that so-called <strong>post-M&amp;A disputes<\/strong> may arise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These disputes usually involve a combination of legal, accounting, and financial issues. A disagreement that initially appears to be limited to a specific calculation may evolve into a broader discussion about the criteria used to prepare financial statements, interpretation of the agreement, consistency of the information provided during negotiations, or even the conduct of the parties after closing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Brazilian market provides a relevant environment for this type of dispute. KPMG\u2019s most recent survey recorded 1,581 merger and acquisition transactions in 2025, virtually the same volume as in 2024. Private equity and venture capital funds increased their presence and accounted for half of the transactions completed during the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, recent Chambers analyses indicate growth in arbitrations related to corporate transactions in Brazil, particularly those arising from <strong>representations and warranties, indemnification mechanisms, earn-outs, and purchase price adjustments<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this context, understanding the economic logic of the transaction and transforming accounting records, contracts, and financial data into a technically consistent analysis becomes essential.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Are Post-M&amp;A Disputes?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Post-M&amp;A disputes are disputes that arise after the completion of a merger or acquisition transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although buyer and seller have agreed on the principal terms of the transaction, certain elements remain subject to subsequent determination.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This occurs because the final value of a company cannot always be definitively established on the date the agreement is signed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some information depends on the accounting close, the evolution of the business, or the occurrence of future events. For this reason, purchase and sale agreements often establish mechanisms that adjust part of the purchase price or allocate specific risks between the parties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disagreements may arise when buyers and sellers interpret these mechanisms differently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In other cases, one party may claim that certain information provided before the transaction was inaccurate, incomplete, or inconsistent with the economic reality of the acquired company.<\/p>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">Among the main issues commonly discussed are:<\/p>\n\n\n\n<br>\n\n\n\n<ul class=\"wp-block-list\">\n<li>purchase price adjustments;<\/li>\n\n\n\n<li>working capital;<\/li>\n\n\n\n<li>net debt;<\/li>\n\n\n\n<li>earn-outs;<\/li>\n\n\n\n<li>representations and warranties;<\/li>\n\n\n\n<li>indemnification;<\/li>\n\n\n\n<li>contingencies;<\/li>\n\n\n\n<li>accounting policies;<\/li>\n\n\n\n<li>revenue and expense recognition;<\/li>\n\n\n\n<li>valuation;<\/li>\n\n\n\n<li>damages quantification.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">The nature of these issues demonstrates why post-M&amp;A disputes often require specialists capable of interpreting both the agreement and the underlying economic records supporting the transaction.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Can the Price of an Acquisition Change After Closing?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The price initially agreed in an M&amp;A transaction may be subject to subsequent adjustment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is because buyer and seller must determine a price at a specific point in time, while the company\u2019s financial position may change between the reference date used in negotiations and the actual closing date.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, agreements often establish mechanisms designed to ensure that the buyer receives the business under the economic conditions previously agreed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A common example is a working capital adjustment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The parties may agree that the company must have a certain level of working capital at closing. If the amount actually determined is above or below the agreed benchmark, the purchase price may be adjusted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another recurring variable is net debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the company has a higher level of indebtedness than expected, the buyer may argue that the purchase price should be reduced. If the debt is lower, the seller may support an adjustment in the opposite direction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the logic may appear relatively objective, its practical application can be complex.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Determining which items should be included in working capital or net debt, as well as the treatment of provisions, taxes, receivables, contingent liabilities, and extraordinary expenses, can lead to significant disagreements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is where an accounting discussion may become a contractual dispute.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Purchase Price Adjustment: Where Many Disagreements Begin<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Purchase price adjustment<\/strong> mechanisms are intended to align the initially agreed price with the economic conditions existing at closing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In many agreements, one party prepares a closing balance sheet or closing financial statement and calculates working capital, cash, debt, and other previously defined metrics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The other party then reviews the figures and may raise objections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Differences may arise both in the amounts themselves and in the methodology used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One party may argue that a particular provision should be treated as debt. The other may consider the same item part of working capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Revenue or expenses may have been recognized in different periods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Certain accounts may have been classified differently from the way they were treated during negotiations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There may also be disputes regarding the consistency of the accounting policies applied.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, the specialist analyzing the adjustment should not simply recalculate the figures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is necessary to reconstruct the methodology established in the agreement, understand the historical financial statements, and verify whether the criteria applied are consistent with what the parties actually agreed.<\/p>\n\n\n\n<br>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_01.png\" alt=\"\" class=\"wp-image-903\" srcset=\"https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_01.png 900w, https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_01-300x200.png 300w, https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_01-768x512.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Working Capital: A Simple Concept That Can Generate Complex Disputes<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Working capital is one of the most common elements in post-M&amp;A adjustments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general terms, it represents the resources required to finance the company\u2019s day-to-day operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the contractual definition may vary significantly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some agreements include accounts receivable, inventory, and prepaid expenses. Others establish specific exclusions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same applies to liabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trade payables, taxes, employee-related provisions, bonuses, vacation accruals, advance payments received, and other items may receive different treatment depending on the negotiated structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This diversity means that relatively small conceptual differences may have a significant financial impact.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Imagine that buyer and seller have agreed on a reference working capital amount of BRL 50 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the buyer calculates BRL 42 million at closing and the seller argues for BRL 48 million, there is a BRL 6 million difference that may directly affect the final purchase price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The dispute then ceases to be purely mathematical.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It begins to involve interpretation of the agreement, accounting criteria, historical consistency, and the economic nature of the accounts being analyzed.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Net Debt and Debt-Like Items<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The definition of net debt can also generate significant disagreements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a simplified approach, it could be understood as financial debt minus available cash.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In practice, M&amp;A agreements frequently include broader concepts known as <strong>debt-like items<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These items may include obligations that, although not formally classified as loans or financing, have an economic nature similar to debt.<\/p>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">Examples may include:<\/p>\n\n\n\n<br>\n\n\n\n<ul class=\"wp-block-list\">\n<li>installment obligations;<\/li>\n\n\n\n<li>overdue liabilities;<\/li>\n\n\n\n<li>accrued bonuses;<\/li>\n\n\n\n<li>certain tax liabilities;<\/li>\n\n\n\n<li>financial commitments;<\/li>\n\n\n\n<li>amounts owed to related parties;<\/li>\n\n\n\n<li>accrued but unpaid expenses.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">The inclusion or exclusion of each item can significantly change the purchase price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, the analysis must consider not only the accounting classification, but also the economic meaning defined in the agreement.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Earn-Outs: When Part of the Purchase Price Depends on the Future<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Earn-outs are mechanisms used when part of the acquisition price depends on the future performance of the acquired company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They are especially useful when buyer and seller have different expectations regarding the economic potential of the business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The buyer may agree to pay an additional amount if certain targets are met after closing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These targets may relate to revenue, EBITDA, profit, number of customers, growth, or other indicators.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chambers notes that earn-out mechanisms are common in Brazilian M&amp;A transactions and also appear among the recurring issues in post-closing disputes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The challenge arises because the company\u2019s future performance may be influenced by the buyer\u2019s own management decisions. After the acquisition:<\/p>\n\n\n\n<br>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Commercial policies may change;<\/li>\n\n\n\n<li>Costs may be reallocated;<\/li>\n\n\n\n<li>Investments may be accelerated or postponed;<\/li>\n\n\n\n<li>Products may be discontinued;<\/li>\n\n\n\n<li>Customers may be transferred between group companies.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">These decisions can directly affect the metric used for the earn-out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, the seller may argue that the company would have achieved a particular target if the buyer had maintained certain operating conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The buyer, in turn, may argue that its decisions were legitimate and consistent with proper management of the business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysis therefore goes beyond calculating the metric itself and requires a detailed understanding of how the economic performance was generated.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>EBITDA and Earn-Outs: Why the Definition Matters<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">EBITDA is one of the metrics frequently used in earn-out mechanisms. However, EBITDA is not necessarily a single or automatic measure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement may establish specific exclusions, adjustments, or criteria; extraordinary expenses may be disregarded; integration costs may receive specific treatment; and related-party transactions may require adjustments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Revenue considered non-recurring may be excluded. There may also be disputes regarding the allocation of corporate expenses after the acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A seemingly small methodological difference may have a significant impact when applied to an acquisition multiple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If, for example, the earn-out equals several times the additional EBITDA achieved, a disagreement of a few million in the metric may result in a much larger difference in the final amount payable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The technical analysis must therefore clearly demonstrate which adjustments were made, which assumptions were used, and how each element relates to the agreement.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Representations and Warranties: When the Dispute Involves Information Provided Before the Acquisition<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to purchase price adjustment mechanisms, many post-M&amp;A disputes arise from <strong>representations and warranties<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During negotiations, the seller typically makes certain statements regarding the company\u2019s condition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These representations may involve financial, tax, employment, regulatory, contractual, and operational matters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After closing, the buyer may identify information that it considers inconsistent with those representations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, a particular liability may not have been properly disclosed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Or a financial statement may include revenue that is later considered to have been recognized incorrectly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disputes may also arise over insufficient provisions, omitted contingencies, or material contracts whose terms were not fully disclosed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In such situations, the buyer may submit an indemnification claim.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The dispute then involves two separate questions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First: was there actually a breach of the representation or warranty?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second: what was the financial impact of that breach?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second question often requires in-depth accounting and economic analysis.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Identifying a Breach Is Not the Same as Quantifying Damages<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the most important issues in post-M&amp;A disputes is distinguishing the existence of an irregularity from its financial impact.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Determining that certain information was inaccurate does not automatically mean that the loss corresponds to the full amount associated with that information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is necessary to understand how the issue affected the buyer economically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on the case, damages quantification may involve:<\/p>\n\n\n\n<br>\n\n\n\n<ul class=\"wp-block-list\">\n<li>improper payments;<\/li>\n\n\n\n<li>undisclosed liabilities;<\/li>\n\n\n\n<li>reduction in company value;<\/li>\n\n\n\n<li>loss of revenue;<\/li>\n\n\n\n<li>additional costs;<\/li>\n\n\n\n<li>remediation expenses;<\/li>\n\n\n\n<li>tax impacts;<\/li>\n\n\n\n<li>effects on future projections.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\">There may also be disputes regarding causation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not every unfavorable economic outcome that occurs after the acquisition necessarily results from the seller\u2019s conduct.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market changes, management decisions, regulatory developments, and macroeconomic factors may also affect performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, a technically defensible analysis must distinguish the impact directly related to the disputed event from other factors that also affected the company.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Locked Box and Completion Accounts: Different Structures, Different Risks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A transactions may adopt different mechanisms for determining the purchase price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under structures based on <strong>completion accounts<\/strong>, certain variables are determined after closing, allowing for subsequent adjustments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This model naturally creates greater room for disputes regarding calculations and accounting classification.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By contrast, the <strong>locked box<\/strong> mechanism uses an earlier financial date as the reference point and, in principle, reduces the need for post-closing adjustments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under this model, an important concern becomes the existence of <strong>leakage<\/strong>, meaning an improper transfer of value from the company to the seller or related parties between the locked box date and closing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the structures differ, both require consistent analysis of financial records.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under completion accounts, the focus tends to be on determining closing metrics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under a locked box structure, the analysis may focus on identifying payments or benefits that conflict with the rules established in the agreement.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Do These Disputes Frequently Go to Arbitration?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A transactions involve sophisticated agreements, significant values, and commercially sensitive information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For these reasons, arbitration clauses are common in this type of transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Arbitration offers characteristics that may be particularly relevant to complex corporate and financial disputes, including arbitrator expertise, confidentiality, and procedural flexibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chambers notes that, in Brazil, disputes arising from M&amp;A transactions occur primarily after closing and frequently involve purchase price adjustments, indemnification claims, and contingent consideration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a dispute has a strong accounting or financial component, the arbitral tribunal must understand not only what each party alleges, but also how the figures were constructed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This increases the importance of expert evidence.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Role of Accounting Expertise in Post-M&amp;A Disputes<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Accounting expertise makes it possible to transform large volumes of financial information into an organized and verifiable analysis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The work may involve reviewing financial statements, trial balances, general ledger records, agreements, calculation spreadsheets, supporting documents, and databases extracted from the company\u2019s systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The specialist seeks to understand how each figure was determined and whether the methodology applied corresponds to the criteria established in the transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In purchase price adjustments, this may mean reconstructing working capital, net debt, or other metrics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In earn-outs, it may involve recalculating EBITDA, revenue, or operational indicators.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In claims related to representations and warranties, it may be necessary to identify the economic impact of inaccurate or omitted information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The objective is not simply to produce a different calculation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysis must clearly explain how the data, assumptions, and contractual provisions lead to the result presented.<\/p>\n\n\n\n<br>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_02.png\" alt=\"\" class=\"wp-image-904\" srcset=\"https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_02.png 900w, https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_02-300x200.png 300w, https:\/\/dfexa.com.br\/en\/wp-content\/uploads\/2026\/09\/Disputas-pos-MA_02-768x512.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Forensic Accounting Can Contribute<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When there are suspicions of manipulation, omission, or irregular conduct, forensic accounting can significantly expand the scope of the analysis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The work may seek to identify unusual changes in accounting entries, transactions between related parties, reclassifications close to closing, atypical payments, or changes in the way certain revenue and expenses were recognized.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It may also be necessary to reconstruct specific transactions and identify who participated in the relevant decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In some cases, the dispute may involve an allegation that figures were deliberately altered to influence the acquisition price or an earn-out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In these situations, the analysis must distinguish between errors, legitimate accounting judgments, and potential manipulation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This distinction requires contextual and documentary review, not merely numerical analysis.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Importance of Consistency with Historical Accounting Practices<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the issues frequently discussed in post-M&amp;A adjustments is whether certain accounting policies were applied consistently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement may establish that closing accounts must be prepared according to specified accounting principles and, in some cases, consistently with the company\u2019s historical practices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This detail can generate disputes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A methodology may be technically acceptable under a particular accounting standard but still be inconsistent with the contractual criterion if it represents a change from the way the accounts were traditionally prepared.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, the specialist must analyze not only the financial position at closing, but also prior periods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historical comparison makes it possible to identify methodological changes and assess their impact on the disputed calculation.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Data and Documentation: The Foundation of a Defensible Analysis<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The quality of a post-M&amp;A analysis depends directly on the quality of the available information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spreadsheets with no identifiable source, incomplete data, or files modified throughout the process may make reconstruction more difficult.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, traceability is essential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The specialist must understand where the data came from, which versions were used, and how the figures connect to the original accounting records.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also important to preserve documents produced during the closing process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Preliminary calculations, comments exchanged between teams, calculation memoranda, and different spreadsheet versions may help explain how a particular position was developed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In arbitration, this organization allows conclusions to be verified and subjected to technical scrutiny.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Technical Examination in Post-M&amp;A Arbitrations<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In complex disputes, each party may appoint its own experts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means that the technical work must withstand critical examination by the opposing party.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Differences may arise regarding assumptions, data sources, classifications, and methodologies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The expert must be able to explain why a particular approach was selected and demonstrate its consistency with the agreement and the available information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The expert must also critically assess the work presented by the opposing party.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This may involve identifying inconsistencies, double counting, incompatible assumptions, incomplete data, or interpretations that produce distorted economic effects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The purpose of technical examination should not simply be to produce the highest or lowest possible figure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The credibility of the analysis depends on its ability to demonstrate consistency, independence, and transparency.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Role of the Expert During the Arbitration Hearing<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The expert\u2019s participation may continue after the submission of the expert report or technical opinion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In certain arbitrations, experts participate in hearings to answer questions from arbitrators and the parties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Procedures such as <strong>expert conferencing<\/strong> or <strong>hot-tubbing<\/strong> may also take place, in which experts appointed by both parties discuss the areas of disagreement directly before the tribunal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this environment, clarity is as important as technical depth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The expert must explain complex accounting issues to professionals who may not have a specialized financial background.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A conclusion that is technically correct but presented in an overly abstract or insufficiently transparent manner may lose persuasive strength.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The quality of communication is part of the quality of the evidence.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Can the Risk of Disputes Be Reduced Before Closing?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although not all disputes can be avoided, well-structured agreements and processes can significantly reduce areas of ambiguity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clear definitions of working capital, debt, cash, EBITDA, and other metrics help reduce conflicting interpretations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also important to specify the hierarchy among accounting policies, historical practices, and other applicable criteria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Numerical examples may be incorporated into the agreement to demonstrate how particular situations should be treated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In earn-outs, the more objective the definition of the metrics and the rules governing management of the company during the measurement period, the lower the potential for conflict.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the early involvement of financial specialists can help the parties identify ambiguous points before they evolve into disputes.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Does DFEXA Support Post-M&amp;A Disputes?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Post-M&amp;A disputes require much more than the review of isolated figures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They involve reconstructing an economic transaction, technically interpreting the metrics established in the agreement, and identifying the factors that actually produced a given financial outcome.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/dfexa.com.br\/en\/\" data-type=\"link\" data-id=\"https:\/\/dfexa.com.br\/en\/\">DFEXA<\/a><\/strong> supports companies, law firms, and other parties involved in complex business disputes by combining expertise in accounting, forensic accounting, valuation, financial analysis, and damages quantification.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In post-M&amp;A disputes, the work may involve analyzing purchase price adjustments, working capital, net debt, earn-outs, representations and warranties, indemnification claims, and other economic mechanisms established in the transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The technical work seeks to reconstruct the facts based on verifiable documents and data, test the assumptions used by the parties, and present clear, methodologically consistent, and defensible conclusions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More than recalculating figures, the objective is to understand the economic logic of the dispute and transform it into expert evidence capable of supporting strategic decisions and arbitration or judicial proceedings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your company or law firm is involved in a dispute arising from an M&amp;A transaction, <a href=\"https:\/\/api.whatsapp.com\/send?phone=5511989807376\"><strong>contact DFEXA<\/strong><\/a> to learn more about our solutions in accounting expertise, forensic accounting, damages quantification, and technical support for arbitration.<\/p>\n\n\n\n<br>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read Also<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/dfexa.com.br\/en\/investigative-compliance-why-internal-investigations-are-becoming-increasingly-strategic-for-businesses\/\">Investigative Compliance: Why Internal Investigations Are Becoming Increasingly Strategic for Businesses<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dfexa.com.br\/en\/occupational-fraud-and-red-flags-how-forensic-accounting-helps-identify-irregularities-before-losses-escalate\/\">Occupational Fraud and Red Flags: How Forensic Accounting Helps Identify Irregularities Before Losses Escalate<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Understand why post-M&#038;A disputes arise from purchase price adjustments, earn-outs, and representations and warranties, and how forensic accounting supports complex arbitrations.<\/p>\n","protected":false},"author":2,"featured_media":902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_joinchat":[],"footnotes":""},"categories":[9],"tags":[58,72,78,18,80,24,81,82,79,43],"class_list":["post-901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novidades","tag-business-arbitration","tag-corporate-disputes","tag-damages-quantification","tag-dfexa","tag-earn-out","tag-forensic-accounting","tag-ma","tag-post-ma-disputes","tag-purchase-price-adjustment","tag-valuation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Post-M&amp;A Disputes: How Purchase Price Adjustments, Earn-Outs, and Representations and Warranties Can Turn an Acquisition into Arbitration - DFEXA<\/title>\n<meta name=\"description\" content=\"Understand why 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