We have studied several cases this semester which focus on a common corporate action: merger or acquisition. In your group project please select a recent M&A example, either successful or unsuccessful, recent is defined as having occurred in the last three years. You will be tasked with preparing a case study to explain the details of the corporate action. Specifically what led to the acquirer offering for the target firm. Similar to other case studies we have analyzed this should include an explanation of the performance of the target, acquirer and industry. You should highlight any challenges the acquirer faced in pursuit of the target. 1. Include an explanation of market/industry conditions and the role of the firm within the industry, for both the acquirer and target firms. How is this impacting their decision to merge? Case Study is about AT&T and Time Warner.