Introduction

Abstract

Mergers and acquisitions (M&As) typically refer to the process of combining two (or more) firms, through structural, financial, or operational integration. There are clearly more acquisitions of firms than true mergers, yet the terms are sometimes used interchangeably. Frequently, acquired firms’ managers and employees refer to a transaction as a “merger“ to avoid the impression of one firm “taking over“ another. During this discussion, I refer to both mergers and acquisitions, while acknowledging the difference.