ABSTRACT
A book on M&A logically outlines what drives M&A and its consequences. This chapter highlights that questioning why firms undertake M&A and who benefits from M&A outcomes is ideological when considered in EPS and stakeholder terms. It goes beyond outlining key motives put forward as to why firms undertake M&A to identify some EPS factors beyond the control of practitioners or firms that influence M&A. It then presents a record of M&A outcomes and performance in both shareholder and stakeholder terms. The focus of this chapter is not on traditional shareholder value creation/destruction but on the implications of M&A for a broader group of stakeholders.
