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This chapter is excerpted from ‘Mergers and Acquisitions: Turmoil in Top Management Teams'. Chapter 5. This chapter discusses why M&As fail. In particular, it discusses the tendency of acquiring firms to overpay, synergy creation in M&As, and the importance of industry structure in determining firm profitability and merger success. Chapter 5 also examines the effects of M&As on target company executive teams, how acquiring firms can minimize the negative effects of an acquisition on target company leadership, and how firms can build more effective top management teams during the postmerger integration process. 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.