Do you and class agree that merger and acquisition are actually just a strategy the management wants to scale up their power at the cost of shareholders?

In theory, it is reasonable to say that if the value created from the merger is bigger than the amount spent for the merger then it is worth doing it. The practical problem however is that it is not easy to measure the post-merger value. Many M&A transactions fail for various reasons such as the cultural conflicts or that the synergies do not work out as expected. Hence,

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