Many firms use mergers and acquisitions as a corporate strategy to increase shareholder value. Therefore, understanding such a widely exercised strategy and its implications on corporate change would be critical for organizations that wish to pursue this strategy. This study provides an in depth review of mergers and acquisitions and introduces best practices for managing changes that result from mergers and acquisitions. Next, the concepts are applied to two cases of acquisitions in VersaCold, a major provider of refrigerated warehousing and distribution services in Canada. Strengths and weaknesses in each case are assessed and recommendations are produced for VersaCold‘s future mergers and acquisitions