There are a number of reasons for business mergers and acquisitions, not all of which are necessarily financial in nature. Furthermore, mergers and acquisitions fall within the competence of the board of directors (1) and the company's managers to initiate and execute them. Since board members may also be subject to political, social and personal interests, seemingly shareholder-friendly decisions can also become a quagmire with additional factors. According to Investopedia.com, an estimated 66% of mergers and acquisitions fail due to M&A intentions. Of the 33% considered successful, M&A generated a net gain from the M&A without bad M&A intent. A number of reasons for the majority of failures exist in addition to the failures themselves, indicating that a potential downside to M&A activity is a relatively high risk of failure. (www.investopedia.com). In some cases, mergers and acquisitions can disadvantage not only shareholders but also consumers. In either case, this can happen when the newly created company becomes a large oligopoly or monopoly. Additionally, when greater pricing power results from reduced competition, consumers may be financially disadvantaged. There are, however, some potential drawbacks faced by consumers. One of them is increased costs for consumers. Another problem is the decline in business performance and services. Another disadvantage is the removal of competing businesses. Shareholders may also be disadvantaged by company management if it becomes too complacent or complacent with its market positioning. In other words, when M&A activity reduces competition in the industry and creates a powerful and influential company, that company may suffer from uncompetitive stimulus and a decline in its stock price. Declining stock prices and stock valuations may also result from the merger itself being a short-term disadvantage to the company.