The closing ceremony does not necessarily mean the success of the acquisition… For the merger to work, the acquiring investor must achieve additional value in the newly created business combination.
Success will depend more than ever on the merged companies’ ability to create added value. And that will depend on what happens after the deal has been done. Yet many deal makers have neglected this side of the business. Once the merger is done, they simply assume that computer programmers, sales managers and engineers will cut costs and boost revenues according to plan, leaving the boss free to bag the next big deal.
(The Economist, Jan 7 1999).1