There are many ways to expand business activity. Among others, one of the ways is merger and acquisition. In the economic world it has become an increasingly important part of business financing. Since the 1980s, it has been widespread, taking place more and more often, often including expansion to other continents; it has become international. Expansion and growth are inevitable steps in the development process, assuming that the company strives for them. For the successful implementation of this process, it is necessary to analyze the desired company and study possible steps and processes for deciding on its implementation. One of the dynamic methods of company valuation is the discounted cash flow method, which will be used in this paper. Through this paper, two examples of mergers and acquisitions will be studied, but with completely different or opposite outcomes. A successful outcome represents a merger between Disney and Pixar, while a merger between America Online and Time Warner represents an unsuccessful outcome. The aim of this paper is to expand the already existing literature on mergers and acquisitions, using two examples in order to show two possible outcomes of a process, while also approaching the theory used to make an adequate decision and the steps in the merger and acquisition process. The success of taking over the first example is reflected in the result of the implemented process, and the result is the outcome of cooperation not only at the level of the items contained in the contract, but also in the respect and understanding of all interest-influential groups of this cooperation. Also, the importance of using several methods of valuing the company is emphasized, and it is justified to approach the intrinsic value, according to the performance result of the observed company. The example with the negative outcome of the merger implementation provides a perfect overview of the key mistakes in the implementation of the merger and acquisition process. In addition to non-compliance with legal regulations, problems also arose in the form of competitors who reacted harshly to the terms of the merger, and numerous actions were implemented that, instead of improving the position and situation, contributed to the negative outcome of this merger. Through the example of an unsuccessful merger or takeover, it is very easy to see the main mistakes and problems involved in the implementation of such a business process.