An acquisition or merger has an impact on everyone, managers and other employees, in both companies. This means that human resources managers need to be involved at every stage.

Mergers cause vast upheavals and emotional responses.

• Denial. Refusal to accept that the event will happen.
• Fear. Concern over the personal impact of the merger. This includes loss of jobs and alteration of conditions.
• Anger. Resentment at those who are seen as having caused the new situation.
• Sadness. The good times of the past are seen as better than anything in the present, and comparisons are frequently made between now and how it was.
• Acceptance. The survivors eventually begin to take a more resigned and positive attitude to the new situation.
• Relief. Those who survive begin to feel that things could be worse.
• Interest. People begin to identify with the new organisation as they feel more secure.
• Liking. New opportunities for personal benefit are seen.
• Enjoyment. People feel happier about the new situation.

The last five stages apply only, of course, to those who remain with the organisation.