The COVID-19 crisis is extraordinary in both its humanitarian and economic impact, but history suggests how M&A will play out. The M&A market contracts, but companies that make M&A moves typically outperform those that do not. Forward-thinking leaders need to act now to rebalance for risk and liquidity, while assessing opportunities for resilience and growth coming out of the downturn. 2 COVID-19: Rebalance for resilience with M&A