A merger or an acquisition is usually a challenging endeavor which aims to create value for the owner. However, stakeholder theory shows how such a narrow and one-sided focus is detrimental to value-creation in general –not only for other stakeholders within and outside the organization – but also for the owner. This book shows how different stakeholders, internal and external, may play a critical role during a merger or an acquisition process. It builds on empirical examples that illustrate how various stakeholders play active roles throughout the different phases, and ultimately affect the outcome and the value formation process of the merger or the acquisition.