Globalization has led the firms to become more aggressive and option for the transactions of M&As in order to fight with the competitive battle. The deals is said to perform a vital role in corporate governance as it enable the firms to achieve the varied objectives and financial strategies. Indeed, one of the most fundamental convictions of the company is the obligation to create and maximize the shareholders’ wealth. Nevertheless, debate on whether the shareholders of the acquiring firms truly experience the increment in their wealth prior to the mergers and acquisitions still become major concern. Some of the merged firms were still unsuccessful in creating the shareholders’ wealth even though they had undertaken the transactions. There is an urgent need for better understanding about characteristics of M&As which should be taken into consideration before the deals have been agreed upon. This study sought to comprehend the impacts of M&As characteristics on shareholders’ wealth. The selected sectors are industrial, financial and consumer sector. Furthermore, the research is based on the data obtained from Annual Report of the firms which undertake the transactions within the period of 2012-2016. The data was analyzed for the purpose of determine the mergers characteristics and level of its influence on shareholders. Return on equity was used as the indicator in measuring the shareholders’ wealth. Additionally, regulatory environment also has been analyzed in determining its mediating effect on the relationship of M&As characteristics and shareholders’ wealth. It is hope that the study can provide the valuable guidance to the organizations
