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Mergers and Acquisitions
Communication Strategy
Stakeholder Engagement
M&A Communication
Corporate Strategy
Communication Strategy
ARTICLE #28
Table of contents
Effective mergers and acquisitions communication strategy


Mergers and Acquisitions
Communication Strategy
Stakeholder Engagement
M&A Communication
Corporate Strategy
Mergers and Acquisitions
Communication Strategy
Communication Strategy
Stakeholder Engagement
M&A Communication
Corporate Strategy
Written by:
6 min read
Updated on: April 22, 2024
Toni Hukkanen
Head of Design

Creative Direction, Brand Direction
Toni Hukkanen
Head of Design

Creative Direction, Brand Direction
Mergers and acquisitions can feel like a pressure cooker—especially for employees who only catch wind of big changes through office whispers. Without a well-planned communication strategy, rumours can swirl, morale can dip, and that once-thriving culture might start looking toxic. But transparency from day one makes all the difference. When employees understand where the company is headed, they are less apt to panic or create worst-case scenarios. Therefore, if you are about to merge or acquire another business, you might wonder, "What, when, and how do we tell our people? ” Given that these deals often stretch on for months or even years, you’ll need a solid plan to keep everyone, from regulators and customers to vendors and your own teams, in the loop. Below, we’ll break down how to convey your vision, address concerns, and maintain both brand reputation and employee well-being.
Mergers and acquisitions can feel like a pressure cooker—especially for employees who only catch wind of big changes through office whispers. Without a well-planned communication strategy, rumours can swirl, morale can dip, and that once-thriving culture might start looking toxic. But transparency from day one makes all the difference. When employees understand where the company is headed, they are less apt to panic or create worst-case scenarios. Therefore, if you are about to merge or acquire another business, you might wonder, "What, when, and how do we tell our people? ” Given that these deals often stretch on for months or even years, you’ll need a solid plan to keep everyone, from regulators and customers to vendors and your own teams, in the loop. Below, we’ll break down how to convey your vision, address concerns, and maintain both brand reputation and employee well-being.
Why clarity matters
Why clarity matters
When two companies come together, it’s not simply a legal arrangement. It’s the start of a new chapter in Corporate Strategy, one that brings fresh opportunities but also sparks apprehension. For employees, especially, the initial question is often blunt: “Will I still have a job in six months?” Addressing concerns early and thoroughly can:
Set a positive tone, encouraging staff to adopt the changes
Preserve your brand’s reputation by showing respect for everyone involved
Stop rumours from turning your office into an echo chamber of panic
Transparency builds confidence and goodwill. Early communication helps employees come to terms with major shifts and stay engaged in their day-to-day work.
When two companies come together, it’s not simply a legal arrangement. It’s the start of a new chapter in Corporate Strategy, one that brings fresh opportunities but also sparks apprehension. For employees, especially, the initial question is often blunt: “Will I still have a job in six months?” Addressing concerns early and thoroughly can:
Set a positive tone, encouraging staff to adopt the changes
Preserve your brand’s reputation by showing respect for everyone involved
Stop rumours from turning your office into an echo chamber of panic
Transparency builds confidence and goodwill. Early communication helps employees come to terms with major shifts and stay engaged in their day-to-day work.
1. Identify key stakeholders
Mergers and acquisitions bring a mixed bag of stakeholders—each needing specific messaging to keep them informed (and sometimes pacified). Broadly speaking, we are talking about external and internal groups. The catch? You can’t just fire off one generic memo and call it a day. Instead, you need a plan that caters to each audience’s unique concerns. After all, the info your biggest investor wants is miles apart from what a stressed-out staffer is dying to hear.
External Stakeholders
These are the folks outside your business whose opinions can make or break your M&A deal. While some just need a logical financial case, others might be more focused on real-world impacts like job losses or ongoing vendor relationships.
Investors: Investors want to know why this merger makes sense, from financial returns to strategic advantages. If they smell uncertainty or guesswork in your pitch, they’ll question whether the deal is in their best interest.
Analysts: Analysts anticipate concrete data about the synergy and strategic fit of the two companies. Think of them as your professional skeptics: they’ll grill you on everything from cost savings to long-term positioning in the market.
Consumers: Customers, especially in a subscription-based or loyalty-heavy business, worry that everything they love about your current offering might change. You’ll want to ensure them the quality of service (and all those cool features they adore) isn’t going anywhere.
Vendors: Vendors can feel like they’re left in the dark during M&A talks. They wonder if their contracts will get renegotiated or whether new partners could elbow them out. Reassuring them that you’re not about to drop them is often key to preventing supply chain glitches.
Government officials and regulatory bodies: Regulators keep an eye out for monopoly-like behaviour and the potential for job cuts. If your merger raises eyebrows, you’ll need a solid PR (and legal) push to prove it won’t kill competition or harm the local workforce.
The general public: In the social media age, everyone forms opinions fast, often with limited facts. A well-crafted public statement can help frame the merger in a positive light before rumors swirl out of control.
Internal Stakeholders
Behind every big business merger are real employees with real questions—often the toughest to address, because losing key people can derail the entire integration. The scope here goes beyond just rank-and-file staff; you’ve got top performers, union members, retirees, and more.
General staff: Your everyday employees might be wondering, “Is my position safe?” or “Who do I report to now?” Clarity—and speed—are crucial so they don’t panic or start brushing up their résumés.
High-potential employees: These are the rising stars you really can’t afford to lose. A personal, one-on-one approach works wonders here—maybe a quick coffee chat to talk about their future role and career path within the newly merged entity.
Employees at risk of leaving: If there’s a sense of restlessness or dissatisfaction already in the air, an M&A can push them over the edge. Target your messaging to their concerns—show them how the new structure could benefit their career or relieve existing frustrations.
Union or worker councils: Communication with unions or councils can be a minefield of legalese and emotional demands. Involve legal counsel early and approach these discussions methodically—the last thing you need is a strike or formal complaint upending your timeline.

Mergers and acquisitions bring a mixed bag of stakeholders—each needing specific messaging to keep them informed (and sometimes pacified). Broadly speaking, we are talking about external and internal groups. The catch? You can’t just fire off one generic memo and call it a day. Instead, you need a plan that caters to each audience’s unique concerns. After all, the info your biggest investor wants is miles apart from what a stressed-out staffer is dying to hear.
External Stakeholders
These are the folks outside your business whose opinions can make or break your M&A deal. While some just need a logical financial case, others might be more focused on real-world impacts like job losses or ongoing vendor relationships.
Investors: Investors want to know why this merger makes sense, from financial returns to strategic advantages. If they smell uncertainty or guesswork in your pitch, they’ll question whether the deal is in their best interest.
Analysts: Analysts anticipate concrete data about the synergy and strategic fit of the two companies. Think of them as your professional skeptics: they’ll grill you on everything from cost savings to long-term positioning in the market.
Consumers: Customers, especially in a subscription-based or loyalty-heavy business, worry that everything they love about your current offering might change. You’ll want to ensure them the quality of service (and all those cool features they adore) isn’t going anywhere.
Vendors: Vendors can feel like they’re left in the dark during M&A talks. They wonder if their contracts will get renegotiated or whether new partners could elbow them out. Reassuring them that you’re not about to drop them is often key to preventing supply chain glitches.
Government officials and regulatory bodies: Regulators keep an eye out for monopoly-like behaviour and the potential for job cuts. If your merger raises eyebrows, you’ll need a solid PR (and legal) push to prove it won’t kill competition or harm the local workforce.
The general public: In the social media age, everyone forms opinions fast, often with limited facts. A well-crafted public statement can help frame the merger in a positive light before rumors swirl out of control.
Internal Stakeholders
Behind every big business merger are real employees with real questions—often the toughest to address, because losing key people can derail the entire integration. The scope here goes beyond just rank-and-file staff; you’ve got top performers, union members, retirees, and more.
General staff: Your everyday employees might be wondering, “Is my position safe?” or “Who do I report to now?” Clarity—and speed—are crucial so they don’t panic or start brushing up their résumés.
High-potential employees: These are the rising stars you really can’t afford to lose. A personal, one-on-one approach works wonders here—maybe a quick coffee chat to talk about their future role and career path within the newly merged entity.
Employees at risk of leaving: If there’s a sense of restlessness or dissatisfaction already in the air, an M&A can push them over the edge. Target your messaging to their concerns—show them how the new structure could benefit their career or relieve existing frustrations.
Union or worker councils: Communication with unions or councils can be a minefield of legalese and emotional demands. Involve legal counsel early and approach these discussions methodically—the last thing you need is a strike or formal complaint upending your timeline.

2. Create a Timeline
Imagine you’re moving house. You wouldn’t pack everything in a single day (unless you enjoy stress). M&A Communication is similar: it works best when you outline key milestones and factor in each event’s timing. That means:
Setting dates for leadership announcements
Scheduling staff Q&A sessions
Planning intervals for routine updates—perhaps weekly or monthly
A well-structured timeline avoids radio silence, reassures everyone that progress is happening, and highlights major decision points along the way.
Imagine you’re moving house. You wouldn’t pack everything in a single day (unless you enjoy stress). M&A Communication is similar: it works best when you outline key milestones and factor in each event’s timing. That means:
Setting dates for leadership announcements
Scheduling staff Q&A sessions
Planning intervals for routine updates—perhaps weekly or monthly
A well-structured timeline avoids radio silence, reassures everyone that progress is happening, and highlights major decision points along the way.
3. Set up governance for the communications team
Like any large-scale endeavour, Stakeholder Engagement in a merger needs a clear decision-making framework. Typically, four roles or groups handle this:
Integration steering committee: Reviews the overall communication plan, keeps track of major stakeholder messages, and resolves any big disputes.
Integration leader: Approves crucial actions in the communications plan and ensures alignment with overarching business goals.
Communication leader: Oversees day-to-day tasks—coordinating content, chasing sign-offs, and working closely with the integration leader.
Communications team: Crafts the actual materials, from email memos to social media posts, often in consultation with external agencies or functional leads.

When you define roles early, you’re less likely to waste hours figuring out who’s in charge of posting that all-important “Hello from our new CEO” message.
Like any large-scale endeavour, Stakeholder Engagement in a merger needs a clear decision-making framework. Typically, four roles or groups handle this:
Integration steering committee: Reviews the overall communication plan, keeps track of major stakeholder messages, and resolves any big disputes.
Integration leader: Approves crucial actions in the communications plan and ensures alignment with overarching business goals.
Communication leader: Oversees day-to-day tasks—coordinating content, chasing sign-offs, and working closely with the integration leader.
Communications team: Crafts the actual materials, from email memos to social media posts, often in consultation with external agencies or functional leads.

When you define roles early, you’re less likely to waste hours figuring out who’s in charge of posting that all-important “Hello from our new CEO” message.
4. Develop your core message
This new era (no fancy words required) should feel unified, with a compelling rationale that underscores why the merger is happening in the first place. At the heart of that story are three components:
Deal rationale: The strategic logic—why both parties decided to merge and how it aligns with Corporate Strategy.
Change story: A simple, coherent explanation of what must happen for the merger to succeed and why it’s worth doing.
Employee Value Proposition (EVP): Reassure staff that their work matters and show them how this change can enhance their career growth, daily tasks, or purpose at the company.
You can start brainstorming these messages in a structured workshop or high-level meeting. The point is to unify leadership around consistent talking points, so you don’t end up with five versions of the same story.

This new era (no fancy words required) should feel unified, with a compelling rationale that underscores why the merger is happening in the first place. At the heart of that story are three components:
Deal rationale: The strategic logic—why both parties decided to merge and how it aligns with Corporate Strategy.
Change story: A simple, coherent explanation of what must happen for the merger to succeed and why it’s worth doing.
Employee Value Proposition (EVP): Reassure staff that their work matters and show them how this change can enhance their career growth, daily tasks, or purpose at the company.
You can start brainstorming these messages in a structured workshop or high-level meeting. The point is to unify leadership around consistent talking points, so you don’t end up with five versions of the same story.

5. Create a plan for each milestone
It’s easy to get buried under a flurry of memos, press releases, and Slack threads. The best approach? Treat communication like a project with clear tasks, owners, and deadlines. That means creating a single plan that outlines:
Milestones: e.g., official merger announcement, new leadership appointments
Audiences: employees, customers, vendors, media outlets
Content: from broad strategy updates to day-to-day operational clarifications
Channels: email, town halls, intranet posts, social media
Consistent repetition is your friend. You’ll probably need to share critical points across multiple platforms to ensure the message sinks in.
It’s easy to get buried under a flurry of memos, press releases, and Slack threads. The best approach? Treat communication like a project with clear tasks, owners, and deadlines. That means creating a single plan that outlines:
Milestones: e.g., official merger announcement, new leadership appointments
Audiences: employees, customers, vendors, media outlets
Content: from broad strategy updates to day-to-day operational clarifications
Channels: email, town halls, intranet posts, social media
Consistent repetition is your friend. You’ll probably need to share critical points across multiple platforms to ensure the message sinks in.
6. Establish two-way communications
Nobody wants to feel like they’re being addressed through a megaphone. Encourage real conversation:
Focus groups and town halls: Great for gathering live feedback and clarifying doubts.
Pulse surveys and email feedback: Useful for quick checks on staff sentiment.
Employee influencers: Identify well-respected team members who can act as informal ambassadors, sharing insights and collecting suggestions.
When employees see their input taken seriously, morale jumps. They feel part of the process, rather than subjects of an executive-level decision they can’t control.
Nobody wants to feel like they’re being addressed through a megaphone. Encourage real conversation:
Focus groups and town halls: Great for gathering live feedback and clarifying doubts.
Pulse surveys and email feedback: Useful for quick checks on staff sentiment.
Employee influencers: Identify well-respected team members who can act as informal ambassadors, sharing insights and collecting suggestions.
When employees see their input taken seriously, morale jumps. They feel part of the process, rather than subjects of an executive-level decision they can’t control.
7. Common communication mistakes to avoid during mergers
Mergers often stumble when communication plans are either neglected or left solely to HR. That’s a strategic misstep. If leadership isn’t directly involved, employees may assume no one at the top really cares. Meanwhile, rumours fill the void. Keeping an open channel for dialogue also helps reduce knee-jerk reactions like panicked resignations or vendor terminations. With the right approach, you can ease fears about job security or contract renewals, strengthening your brand reputation in the process.
Mergers often stumble when communication plans are either neglected or left solely to HR. That’s a strategic misstep. If leadership isn’t directly involved, employees may assume no one at the top really cares. Meanwhile, rumours fill the void. Keeping an open channel for dialogue also helps reduce knee-jerk reactions like panicked resignations or vendor terminations. With the right approach, you can ease fears about job security or contract renewals, strengthening your brand reputation in the process.
8. Put a structured merger communications plan in place
When implementing an M&A, the last thing you want is a "wait, what's going on?" vibe among employees or external parties. A formal communications plan ensures that everyone, from C-level executives to front-line workers, understands what is going on, why, and how it impacts them. Here are the essential steps to keep everyone on the same page, engaged, and not reaching for the panic button.
Focus on business goals
First and foremost, your communication strategy should align with your business objectives. If the merger’s main goal is to expand into new markets, highlight that in your messaging. If it’s to consolidate product lines, say so—transparency goes a long way in keeping people from drawing their own (often grim) conclusions.
Failing to link messaging back to core objectives can make your merger look random or disorganised. Show employees (and investors) exactly how this integration boosts revenue or strengthens the brand, and they’ll be more inclined to ride the wave with you.
Shape the right message
As stakeholders get new information, their questions and worries will shift. If you can’t divulge a certain detail yet—like who’s leading what team—explain why you can’t or how the process to get there works. Saying “we’ll know more by next quarter” at least sets expectations.
Executives shouldn’t hide in closed-door meetings while communications folks scramble. Assign each exec a clear role in the messaging process—like hosting Q&A sessions or personal town halls. People want to hear directly from the top, not secondhand rumors.
Over-communicate
If you think you’ve said it enough—say it again. And then once more for good measure. Mergers create stress, and stressed teams need repeated reassurance, especially if they’re worried about layoffs or department changes. The rule of thumb? Communicate five times more than you think is necessary.
Radio silence or minimal updates breed rumors. Keep your messages consistent (and frequent) across multiple channels—emails, Slack, in-person meetings—to ensure nobody’s left guessing.
Engage your leaders, not just communications pros
It can be tempting to shove the entire messaging load onto the “comms department.” But the reality? Leaders at every level—customer-facing staff, middle managers, and executives—need to be aligned on the script. They’ll be the ones answering ad-hoc questions in hallways or handling frantic calls from key clients.
Hold a quick training or briefing session so all managers can speak confidently and consistently about the merger. Mixed messages from leadership can rapidly undercut trust.
Keep everyone aligned
Leaders, customer-facing staff, and middle managers should be “singing from the same hymn sheet.” If one manager is spinning a positive angle and another is doom-and-gloom, employees won’t know which to believe. The simplest fix? A unified playbook that outlines key messages, timelines, and next steps. A meltdown in one department (due to conflicting info) can cast doubt on the entire merger. Ensuring alignment keeps morale stable and confusion at bay.
Stay connected with the deal team, IMO, and workstreams
A typical M&A can stretch months—or even years—beyond the final handshake. During that time, details change, strategies pivot, and new stakeholders get involved. Keep your deal team, Integration Management Office (IMO), and each workstream in the loop about what’s been communicated, what’s on hold, and what employees or external stakeholders are asking.
If your integration teams operate in silos, the official “M&A comms” might not reflect real-world developments. A steady flow of information helps your comms strategy stay agile, rather than outdated and out of touch.
When implementing an M&A, the last thing you want is a "wait, what's going on?" vibe among employees or external parties. A formal communications plan ensures that everyone, from C-level executives to front-line workers, understands what is going on, why, and how it impacts them. Here are the essential steps to keep everyone on the same page, engaged, and not reaching for the panic button.
Focus on business goals
First and foremost, your communication strategy should align with your business objectives. If the merger’s main goal is to expand into new markets, highlight that in your messaging. If it’s to consolidate product lines, say so—transparency goes a long way in keeping people from drawing their own (often grim) conclusions.
Failing to link messaging back to core objectives can make your merger look random or disorganised. Show employees (and investors) exactly how this integration boosts revenue or strengthens the brand, and they’ll be more inclined to ride the wave with you.
Shape the right message
As stakeholders get new information, their questions and worries will shift. If you can’t divulge a certain detail yet—like who’s leading what team—explain why you can’t or how the process to get there works. Saying “we’ll know more by next quarter” at least sets expectations.
Executives shouldn’t hide in closed-door meetings while communications folks scramble. Assign each exec a clear role in the messaging process—like hosting Q&A sessions or personal town halls. People want to hear directly from the top, not secondhand rumors.
Over-communicate
If you think you’ve said it enough—say it again. And then once more for good measure. Mergers create stress, and stressed teams need repeated reassurance, especially if they’re worried about layoffs or department changes. The rule of thumb? Communicate five times more than you think is necessary.
Radio silence or minimal updates breed rumors. Keep your messages consistent (and frequent) across multiple channels—emails, Slack, in-person meetings—to ensure nobody’s left guessing.
Engage your leaders, not just communications pros
It can be tempting to shove the entire messaging load onto the “comms department.” But the reality? Leaders at every level—customer-facing staff, middle managers, and executives—need to be aligned on the script. They’ll be the ones answering ad-hoc questions in hallways or handling frantic calls from key clients.
Hold a quick training or briefing session so all managers can speak confidently and consistently about the merger. Mixed messages from leadership can rapidly undercut trust.
Keep everyone aligned
Leaders, customer-facing staff, and middle managers should be “singing from the same hymn sheet.” If one manager is spinning a positive angle and another is doom-and-gloom, employees won’t know which to believe. The simplest fix? A unified playbook that outlines key messages, timelines, and next steps. A meltdown in one department (due to conflicting info) can cast doubt on the entire merger. Ensuring alignment keeps morale stable and confusion at bay.
Stay connected with the deal team, IMO, and workstreams
A typical M&A can stretch months—or even years—beyond the final handshake. During that time, details change, strategies pivot, and new stakeholders get involved. Keep your deal team, Integration Management Office (IMO), and each workstream in the loop about what’s been communicated, what’s on hold, and what employees or external stakeholders are asking.
If your integration teams operate in silos, the official “M&A comms” might not reflect real-world developments. A steady flow of information helps your comms strategy stay agile, rather than outdated and out of touch.
Frequently Asked Questions
How do I measure the success of an M&A?
Many companies rely on standard metrics like Internal Rate of Return (IRR), Return on Investment (ROI), and Weighted Average Cost of Capital (WACC) to gauge whether the deal is living up to expectations.
What are the 6 determinants of merger success?
Due diligence
Deal structure
Strategic vision and compatibility
Planning before the merger
External conditions (regulatory environment, market trends)
Post-merger integration (including culture and communication)
Why do so many mergers and acquisitions fail?
Most run into trouble due to cultural clashes, questionable values fit, and poor Stakeholder Engagement. When two workforces have distinct identities and no one addresses that mismatch, chaos is often the result. Add a shaky communication effort, and you get the perfect storm for failure.
Final Thoughts
Between reassigning job roles, consolidating teams, and integrating systems, the Mergers And Acquisitions process is already a heavy lift. Overlooking the importance of a well-defined Communication Strategy can make it heavier. By lining up your talking points early, setting clear milestones, and actively seeking staff feedback, you’ll do more than just avoid headaches—you’ll lay a foundation for genuine confidence in the new, combined organisation.
Frequently Asked Questions
How do I measure the success of an M&A?
Many companies rely on standard metrics like Internal Rate of Return (IRR), Return on Investment (ROI), and Weighted Average Cost of Capital (WACC) to gauge whether the deal is living up to expectations.
What are the 6 determinants of merger success?
Due diligence
Deal structure
Strategic vision and compatibility
Planning before the merger
External conditions (regulatory environment, market trends)
Post-merger integration (including culture and communication)
Why do so many mergers and acquisitions fail?
Most run into trouble due to cultural clashes, questionable values fit, and poor Stakeholder Engagement. When two workforces have distinct identities and no one addresses that mismatch, chaos is often the result. Add a shaky communication effort, and you get the perfect storm for failure.
Final Thoughts
Between reassigning job roles, consolidating teams, and integrating systems, the Mergers And Acquisitions process is already a heavy lift. Overlooking the importance of a well-defined Communication Strategy can make it heavier. By lining up your talking points early, setting clear milestones, and actively seeking staff feedback, you’ll do more than just avoid headaches—you’ll lay a foundation for genuine confidence in the new, combined organisation.
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Work with us
Click to copy
work@for.co
- FOR® Brand. FOR® Future.
We’re remote-first — with strategic global hubs
Click to copy
Helsinki, FIN
info@for.fi
Click to copy
New York, NY
ny@for.co
Click to copy
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mia@for.co
Click to copy
Dubai, UAE
uae@for.co
Click to copy
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Click to copy
Lagos, NG
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Copyright © 2024 FOR®
Work with us
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work@for.co
We’re remote-first — with strategic global hubs
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Click to copy
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Click to copy
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Copyright © 2024 FOR®