ABSTRACT
A stakeholder approach to M&A analysis helps unpack what is meant by “EPS” and “benefit” in analysing the benefits around M&A. “EPS” and “benefit” are generic terms that make no distinction as to the constituent components nor what their interests are. By distinguishing different stakeholders and their stakes, in this case, who affects and is affected by M&A and in which ways, a stakeholder approach can usefully be applied to examine stakeholder relationships around M&A. This chapter briefly explains stakeholder theory, defines stakeholder relationships, and considers what connections are being made between M&A and stakeholders, how M&A research has evolved, and the stakeholder context. The connection between M&A and stakeholders can be viewed in ethical terms.
