The paper has to measure the success of the transaction(mergers and acquisitions) by using 13 different conceivable variables. Those 13 variables have descriptive power to analyse the returns of target, bidder and combined entity. the variables will be test under the following criteria such as the target efficiencies (cost and profit), the reasons behind the transaction such as product, growth and geographic activity, the target institutions size, diversification, the target capital market performance before the deal and latter the different types of payments either stock or cash.