17209. THE FAILED PROMISE OF MERGERS AND TAKEOVERS. This paper provides an overview and analysis of the finding that mergers and takeovers seldom produce the improvements in performance which their advocates suggest. The analysis identifies and considers the strengths and limitations of the performance measures used to judge the effectiveness of mergers and takeovers. The investigation considers the major reasons why mergers and takeovers do not produce their expected improvements in performance. Finally, the analysis considers some of the actions that managers can take to improve the likely success of mergers and takeovers. KEYWORDS: mergers acquisitions hostile takeovers organizational culture clash success failure M&A. Written 2004. 17 pages, 47 footnotes, 32 bibliographic sources. 4,544 words.