4.3 A Tentative model

Every organization strives to survive on the today's competitive market. Mergers and acquisitions are the most risky and complicated strategy that firms choose to reach their goals.

M&A performance is the value created by the firm, which influenced by strategic logic, organizational behavior and financial aspects (Straub, 2006,p.92). Value creation take place on all M&A stages that includes pre-acquisition decision-making, negotiation process and the post-acquisition integration process (Weber, 2011, p.321). It is measured in terms of financial performance or in terms of organizational effectiveness (Meglio, Risberg, 2011,p 419). According to Weber, M&A's performance main determinants are cultural differences between two companies and its problems such as stress, negative attitudes toward the acquiring company (Weber et al, 2011,p.321).

Overall acquisition performance means synergy realization or realization of strategic objectives.