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Can anyone explain the statement "most M&A fails"? In what way?

Edit: Nvm, I found some sources for this claim.

It is there in the paragraph: failed integration, a ton of employee churn, and/or a series of missed targets.

In many ways. Like adjusting to the new company's culture. In staying the relevant length to exercise options. In producing at a similar caliber prior to acquisition. The list goes on and on.

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