The document outlines 5 truths about mergers and acquisitions that acquirers often disregard. It states that the chances of profiting from an M&A are similar to a coin toss at 50%. Research also shows that management turnover more than doubles following an acquisition as know-how and resources are lost. Additionally, there are many things that can go wrong in an M&A including a lack of fit between firms, incorrect processes, biases influencing decisions, and inaccurate pricing, not to mention challenges with integration.