Study after study of past merger waves has shown that two of every three deals have not worked; the only winners are the shareholders of the acquired firm, who sell their company for more than it is really worth.
(The Economist, 1999)1
Attempting to restrict mergers because of bad outcomes would be like arguing against the institution of marriage because of what happens at the divorce court.
5.1 More confirmation that historically, most mergers fail
5.2 No effective refutation of MMF
5.3 M&A’s core contradiction, segmentation and stakeholders’ different merger perspectives
5.4 Moving forward: expanding upon Hayward’s three causes of merger failure