A merger or acquisition is usually a challenging endeavor with a single ultimate aim: to create value for the owner. However, stakeholder theory shows how such a narrow and one-sided focus is detrimental to value-creation in general – not only for other stakeholders within and outside the organization, but also for the owner. Especially in a merger or an acquisition, it is evident that there are many groups and individuals who have a stake in the success or failure of a business.

So far, the overwhelming majority of research in the field of mergers and acquisitions has focused on the merging organizations, and so researchers have mainly studied internal stakeholder groups, such as employees and managers. This book shows how different stakeholders, internal and external, may play a critical role during a merger or an acquisition process. The book builds on empirical examples that illustrate how various stakeholders play active roles throughout the different phases, and, thus, ultimately affect the outcome and the value formation process of the merger or the acquisition. There is still much debate on how and when to best measure the outcome of a merger or an acquisition. With its comprehensive focus on stakeholders, this volume explores why some mergers and acquisitions fail while others succeed.

chapter 1|14 pages

A Stakeholder Approach to Mergers and Acquisitions

ByHelén Anderson, Virpi Havila, Fredrik Nilsson

part |48 pages

Part I Shareholders and Top Managers

chapter 3|23 pages

Top Managers as Stakeholders

Their Motives and Sense-Making in a ‘Hostile' Merger and Acquisition Process
ByMona Ericson

part |83 pages

Part II Middle Managers and Employees

chapter 4|17 pages

The Arranged Marriage Syndrome

Challenges to Subsidiary Managers during the Integration Process between Two Merging Multinational Companies
ByRoger Schweizer

chapter 5|19 pages

Internal Legitimacy for Change in Mergers and Acquisitions

ByMagnus Frostenson

chapter 6|22 pages

The Internal Auditor's Involvement in Acquisitions

ByFredrik Nilsson, Nils-Göran Olve, Olof Arwinge

chapter 7|23 pages

When the Integration of Management Control Systems Is at Stake

Experience from the Car Industry
ByPeter Beusch

part |56 pages

Part III Suppliers and Customers

part |64 pages

Part IV Public Bodies, Other Parties of Public Interest, and Scholars

chapter 11|19 pages

Mergers in Central Government

Role Ambiguities and Blame-Avoidance
ByLouise Bringselius

chapter 12|23 pages

Bank Mergers in Sweden

The Interplay between Bank Owners, Bank Management, and the State, 1910–2009
BySven Jungerhem, Mats Larsson

chapter 13|20 pages

The Stake of High Failure Rates in Mergers and Acquisitions

ByAnnette Risberg

part |15 pages