Why mega merger often ended up in financial disaster

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On Jan 10th 2000, AOL announced to acquire Time Warner for $182 billion. When the deal was announced, the combined company is worth $350 billion. Now split again, AOL is worth $3 billion while Time Warner is worth about $140 billion 15 years later. Please explain why mega merger often ended up in financial disaster. Why is the promised synergies never realized

Reference no: EM131178078

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