Managers attach less importance to the mergers the soft side of the merger, than outside analysts who follow firms. That according to research by Hay Group among 560 senior managers. In the study, both the managers of companies and financial analysts (those such as banks or investors to those companies look) questioned. It showed that analysts valued the intangible assets at less than 75 percent of the market capitalization of the company. And while the senior managers of those companies do not get beyond 30 percent. Analysts attach far more importance to factors such as culture, organization and human capital than managers.

Herman King of Hay Group: "So what you'll see is that the soft side which analysts see as an important condition for success, while the managers as an underappreciated treat. When a failed merger, says the majority of managers also note that more account should be taken into the human side of merger