Abstract: The purpose of this study was to discover the impact of employees' perceived organizational values on the successful combination of organizations (mergers and acquisitions). Archival survey data were used to analyze precombination responses from 2 separate organizations and postcombination responses from the merged organization. Survey items representing 9 perceived organizational values were identified and analyzed using a 2x2 factorial design. The effect of each of the organizational values on perceived merger success was then analyzed with standard multiple regression. The factorial analysis showed few meaningful changes in value scores. However, the perceived value scores from the acquiring organization remained relatively stable, whereas the scores from the acquired organization improved to become more aligned with the values of the parent organization. The results of the regression analysis showed the perceived values with the greatest influence on employees' perception of merger success were the organization's performance and organizational leadership. A post hoc regression analysis showed that members of the acquiring organization placed a greater emphasis on teamwork, whereas members of the acquired organization were focused on the new organizational leadership.