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To ensure that acquisitions generate value, what should the priorities of the new management team be? If it starts with rationalization (closing duplicate facilities, reducing the head count), it will make rapid progress on the cost side, but risk a demotivated work force. If it emphasizes acculturation (building relationships, fostering a common culture), it will have happy employees, but little cost savings. Doing both at the same time is no answer, either. Intensive analysis of three case studies suggests a model for the acquiring firm in deciding whether to pursue the "high road" by first emphasizing human integration before concentrating on operational synergies, or the "low road" of attending to cost savings initially and subsequently focusing on relationships. Evidence supports the case for a "high road" approach when the acquired firm''s key assets are R&D and knowledge-intensive. A three-phase model-- initial actions, follow-up, and second wave--is offered to help top management avoid the perils on either side of an optimal integration path. Specific examples are drawn from the experiences documented in the three case studies.