Why do most Orthopedic acquisitions flop?

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In this article I try to explain why most ortho acquisitions are set up for failure from day one.
We read about the wonderful acquisitions in the orthopedics each year (here is a quick list of 231 acquisitions). There are 10-20 notable acquisitions every year. Each M&A press release is glowing.

"We expect our combination with the Company to help accelerate the growth..." 
"The acquisition supports the Company's strategy to invest in higher-growth segments... "
"The acquisition builds on the Company's reputation as the leading technology provider for... "

In retrospective analysis, ...

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