•Read the article below about a critical concern in merger and acquisition strategie

•Choose the best word or phrase to fill each gap from A, B, C, or D on the opposite page.

•For each question 19--33, mark one letter (A, B, C, or D) on your Answer Sheet.

A Critical Concern in Merger and Acquisition Strategies

Mergers and acquisitions as growth strategies are once again in vogue. This business drama seems to be (19) by recent highly visible mergers between rich and famous players. Even speculation around a low ball offered by Comcast to acquire Disney seems to excite global (20) in corporate marriages.

However, like all such (21) , long-term success is rarely accomplished by a mere combination of cool stuff and know-how. In the midst of all the hype, a well documented fact is that most merger and acquisition activity rarely (22) the highly anticipated cooperation between companies. Throughout a merger or acquisition, people in an acquired company often (23) that they don't know what is happening, express fear about (24) their jobs, and feel demoralized as to the future of their contributions. Failed mergers that otherwise have a (25) strategic and financial fit are typically the (26) of the irretrievable loss of intangible, messy-to-measure, and difficult-to-implement human (27) on which the company's tangible assets ultimately (28) .

Traditional integration practices have been (29) around consolidating key resources, financial and physical assets, (30) names, and tradable endowments. The most forward-thinking integration strategies also capture key pieces of elusive core competencies, such as a/an (31) 's best practices, skills, knowledge bases, and routines. (32) excluded are critical root strategic assets, which can make or break a union that is otherwise "made in heaven". These root strategic assets (33) collaborative leadership, cultural cohesion and talent retention.

(19)

A．fueled

B．replaced

C．produced

D．directed