Every merger follows a distinct process to ensure that it makes sense for both sides and complies with legislation like the 2006 Companies Act and the guidance in The Takeover Code, known as “The Code.” The fact is that most mergers will either fail to reach their goals or fall through before they can be completed. According to McKinsey, at least 10% of large-scale mergers and acquisitions are cancelled for one reason or another. Many more fail to achieve their goals.