Managerial decision-makings in Mergers and Acquisitions result from combination of various strategic and financial perspectives. Therefore, analyzing a real M&A event would provide a chance of understanding motivations and effects of M&A. Right before Hyundai HSN (Home Shopping Network) acquires shares of HanSom’s block shareholder, the long negotiation was broken off between HanSom and SK Networks. Why did Hyundai HSN and SK Networks try to obtain the control of HanSom by acquiring block shares? Why couldn’t SK Networks go through the deal with HanSom? How did the capital market differently react to the negotiations of HanSom with SK networks and Hyundai HSN? How can we analyse the financial effect of M&A? This case study would provide a chance of addressing the above intriguing questions.