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The purpose of this article is to explain the theoretical foundation of the mergers and acquisitions strategy. One of the corporate level strategies (as a mean of growth) is the mergers and acquisitions strategy. Many motivations and aims like creating synergy for maximizing the shareholder's wealth inspire the managers to make and follow this strategy. We express four research approaches including event studies, accounting studies, surveys of executives and case study.
At the end of this paper we report the summary of mergers and acquisitions applied researches. These results indicate that there are different evaluation measures of mergers and acquisitions in different countries. With these theoretical foundations and the evaluation approaches and summary of researches, Iranian researchers can examine mergers and acquisitions transaction in Iran.