What risk is hiding under the headline numbers in the data room?
A vendor data room shows you the target’s tier-1 and its contracts. It won’t show you the concealed concentration deep in the chain — the dependency you’d inherit at completion.
Settled as the Acquisition Evidence PackConfirmatory diligence stops where the data room stops. The concentration that matters — the shared sub-tier sole-source, the foreign-controlled forging, the ownership exposure — usually sits below it, and surfaces after close, when the price is paid and re-trading is off the table. Supply-chain dependency, never a market, price or return call.
What you’d actually inherit at completion.
Typical reader: a corporate-development or A&D-fund deal team.
A control change can now be stopped, unwound or conditioned.
The National Security and Investment Act annual report (22 July 2025) confirmed Defence as the most-screened sector — 56% of 1,143 notifications, 56 call-ins and 17 final orders, one of them an unwinding — and aerospace sits inside it. Add a heavily concentrated, partly restricted titanium supply (USGS, 5 February 2026) and the live carve-up of major aerostructures ownership (8 December 2025), and any acquisition of an aerospace or defence node can be stopped, unwound or conditioned, while confirmatory diligence has no published source for the dependency questions inside the target. Supply-chain dependency, never a market, price or return call. See what changed →