In the changing economic and business environment characterized by speed, flexibility and responsiveness to customers, ‘size’ has a lot to contribute to staying ahead in the competition. It is in this context that mergers and acquisitions (M & A’s) as a tool to gain competitive strength comes into the forefront with ‘Partnering for competitiveness’ being a recognized strategic argument for the same. In fact, as Michael Porter (1985) states, ‘the primary reason for M & A’s is to achieve synergy by integrating two business units in a combination that will increase competitive advantage’. Competitive advantage accrues since through M & A’s, firms seek strategic positioning, industry-wide consolidation, increased market share and shareholder value, synergy through economies of scale, revenue enhancement, risk reduction, shared cost of product development and improved access to markets and new technologies. However, it is also a fact that many M &A’s have produced disappointing results with three out of four mergers and acquisitions failing to achieve their financial and strategic objectives. While many reasons have been advanced for the failure ranging from financial, organizational, to people related; it remains true that M & A’s pose strategic challenges for both academicians and researchers.