The rhetoric that surrounds mergers and acquisitions (M A) always centres on shareholders and the thing that matters most to them; improved financial performance. Executives cite a variety of stratagem, from economies of scale to organisational synergy, all of which are aimed at increasing revenue or reducing cost. Research evidence shows that the majority of M A activities do not deliver any positive change in financial performance. Stanford University Professors Jeffery Pfeffer and Robert Sutton in their book Hard Facts, Dangerous Half-Truths, and Total Nonsense cited estimates that as many as 70% of M A transactions fail in terms of delivering the promised benefits. Similarly a 2004 analysis of studies relating to over 200,000 M A transactions led by David King published in the Strategic Management Journal found that negative impacts arise, on average, within one month of an M A announcement and continue after the event.