And thus what factors should be emphasized in announcing a merger?

A number of factors can contribute to success. Here is a list of some commonly cited success factors, along with some possible press-release language to use:

• Strategic motivation. “Approximately half of the two companies’ revenues derive from geographic markets and networks that overlap, creating the opportunity for significant network efficiencies and synergies.”
• Clear relation to core business. “We are dedicated to providing superior customer service in apparel retail. Our purchase of this well-respected apparel franchise helps build our legacy.”
• Economic pricing. “We will pay $27 per share for this company, representing a generous premium to owners as well as a prudent step forward in a promising future for our combined companies. Based on  analysis by our internal financial staff as well as  external experts in this industry, this investment should receive an above-market return for our shareholders.”
• Prudent cash- or debt-based financing. “The purchase price will be paid in cash. To help finance this transaction, we took out a loan at a favorable lending rate based on our sound credit rating. Our future cash flow will support repayment of the debt.”
• Efficient integration planning. “The key operational aspects of this integration will take 100 days. This memo describes the actions we will take, and the people responsible for the actions.”