"shareholders would have been better off in about 70% of the cases if they'd never set off on the path toward M&As."
M&A's are not, in general, executed for the benefit of the companies, shareholders, employees, or customers; they are executed for the benefit of senior management. The sooner stockholders comprehend this, the better. A very real example: PFE/WYE will lead to serious HARM to customers, because fewer new drugs will be coming to market after all the blood flows into the streets. But, it will make a very few people even more obscenely wealthy.
Why Most M&A Deals End Up Badly [View article]
M&A's are not, in general, executed for the benefit of the companies, shareholders, employees, or customers; they are executed for the benefit of senior management. The sooner stockholders comprehend this, the better. A very real example: PFE/WYE will lead to serious HARM to customers, because fewer new drugs will be coming to market after all the blood flows into the streets. But, it will make a very few people even more obscenely wealthy.