Ayaan Manufacturing Company, a leading company of housing sector registered a turnover of 2,000 crore in 2015-16. This spectacular progress prompted the directors of the company to look out for further growth plans. The company has decided to grow externally through the process of mergers and acquisitions. You are approached by the company, as an expert on mergers and acquisitions. The directors of the company want to know the process of mergers and acquisitions. You are required to give them a brief outline of the process.