A Strategic Approach to Implementing Mergers and Acquisitions

Abstract

Do mergers and acquisitions (M&As) create value and thus enhance the financial performance of acquiring firms? This question has plagued both academics and practitioners for many years. The potential to create value through M&As rests on the premise that a firm can supplement or complement its core skills and resources (i.e., distinctive competencies) through synergistic or value-creating combinations with other firms. Despite the intuitive appeal of this premise, the aggregate empirical evidence on the profitability and the stock market performance of acquiring firms remains equivocal. 1 Moreover, practical experience yields numerous examples of both M&A successes and failures. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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