Look at a recent example of a merger announcement, and log on to the website of the acquiring company. What reasons does the acquirer give for buying the target? How does it intend to pay for the targetwith cash, shares, or a mixture of the two? Can you work out how much the tar- gets shareholders will gain from the offer? Is it more or less than would be the case for an aver- age merger? Now log on to finance.yahoo.com and find out what happened to the stock price of the acquiring company when the merger was announced. Were shareholders pleased with the announcement?