Mergers and acquisitions are often driven by such strategic objectives as

lengthening a company's value chain and thereby putting it in a better position to deliver superior value to buyers.

facilitating a company's shift from a low$-$cost leadership strategy to a focused low$-$cost strategy.

expanding a company's geographic coverage or extending its business into new product categories.

reducing the number of industry key success factors.

reducing the number of strategic groups in the industry.