This thesis explores the impact of game theory on the field of mergers and acquisitions, examining its effectiveness and usefulness in understanding and decision-making, with the aim of providing new insights and guidelines for informed business strategies and practices. The thesis begins by providing an extensive overview of the merger and acquisition process, clarifying its significance in the contemporary business environment. Then, the fundamentals of game theory are introduced, highlighting its application in strategic decision-making and its importance for the field of mergers and acquisitions. The paper then delves into the common area of game theory and mergers and acquisitions, clarifying ways in which game theory models and concepts can enhance the understanding of complex interactions among different participants involved in mergers and acquisitions. To illustrate the practical implications of game theory in mergers and acquisitions, several case studies are analyzed in the paper. These real-world examples demonstrate how game theory analysis can shed light on the dynamics between merging entities, competitors, regulators, and other external factors. Furthermore, the case studies demonstrate how game theory can influence decision-making, negotiation strategies, and overall success in mergers and acquisitions. Through a thorough examination of literature and empirical evidence, this thesis seeks to determine the effectiveness and usefulness of applying game theory to the study and practice of mergers and acquisitions, and to demonstrate how researchers and experts, by leveraging the framework of game theory, can gain a deeper understanding of the fundamental dynamics and complexities associated with mergers and acquisitions in the business world.