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This chapter is excerpted from ‘Mergers and Acquisitions: Turmoil in Top Management Teams'. Chapter 4. This chapter discusses the economic rationale for M&As and whether they create value for shareholders. This book provides executives with an in-depth look at the consequences of M&As for acquired top management teams. It examines M&As as a corporate growth strategy, the importance of top management teams to a firm’s long-term performance, the reasons why executives depart after an acquisition, and the effects of these departures on target company performance. An understanding of these leadership issues may play an important role in determining merger success.