12292. MERGERS AND ACQUISITIONS. The focus of this paper is to analyze the topic of mergers and acquisitions from multiple perspectives: first by exploring the concept of operational synergy as an economic incentive for mergers and acquisitions, then by examining conglomerate mergers as an alternative form of merger. Lastly, the theme of leveraged buyouts and recapitalizations is reviewed in terms of its efficacy in explaining the efficiency gains (or lack thereof) in the area of acquisitions. 28 pages, 34 footnotes, 12 bibliographic sources.