Only two of five M&A deals net positive returns and companies are seeking smaller strategic deals, according to the findings of a blind survey of 159 North American M&A professionals conducted by Jabian Consulting. In the Annual Jabian M&A Industry Survey, 93 percent of respondents said during the past five years, 60 percent or fewer of U.S. merger or acquisitions successfully returned a positive value. The traps "very likely" to drain possible value from a merger or acquisition include: Poor communications (72 percent); Loss of executive focus (46 percent); Unclear expectations (44 percent); No clear definition of success (43 percent); and, Unforeseen surprises not covered in due diligence (42 percent). Meanwhile, a plurality (45 percent) of M&A executives say their organizations are currently "seeking smaller strategic deals" and 18 percent have M&A strategies built around "seeking major transformative deals."