Today's merger-and-acquisition (Mx&A) activities include a renewed focus on limiting economic risk and preserving capital. That makes sense, given the current uncertainties in the credit markets and the historically high volatilities in the equity market. Of course, a company can eliminate the economic risks of M&As by abandoning all M&A efforts. But that also eliminates a company's ability to take advantage of current economic conditions-where some equity prices are now undervalued by 30 percent or more.The authors of this article argue for a more reasonable approach: rethink your M&A risks and take steps to reduce those risks both before and after an acquisition. And they suggest some strategies that will help. © 2012 Wiley Periodicals, Inc.