Risk bartering: what post-M&A integration teams really do

This study is based on a £240m post‐merger and acquisition integration project within an FTSE100 pharmaceutical manufacturing supply chain network which was successfully implemented over a four‐year period. By adopting a grounded theory methodology, the research identifies phenomena that occurred within the integration teams to give insights into ‘what is going on here?’ Through constant comparison analytical techniques, the research develops a substantive theory of ‘risk bartering,’ which explains how key individuals engaged and negotiated with each other, resulting in mutually acceptable integration scenarios, with risk being used as an underlying trading ‘currency.’ This provides novel insights into the role of risk in M&A integration change programs. Copyright © 2009 John Wiley & Sons, Ltd.