The purpose of this thesis is to examine how the outcome of mergers and acquisitions are perceived from different managerial positions in the acquiring firm and how managerial expectations can affect the perception of the outcome. Empirical data were gathered through an explorative multiple case study of five acquisitions at three companies by interviewing eight managers at different positions as well as reviewing secondary data. The data was analyzed and cross-case compared in order to detect possible differences between managers at different positions. The findings shows that financial and non-financial aspects are deemed important for how the outcome is perceived by different managers. The findings further indicate that financial aspects are more prominent for managers occupying a position with financial responsibility. The non-financial aspects are on the other hand perceived as important regardless of managerial position. Lastly, the empirical findings indicate that expectations held by individual managers are more dependent on the organizational motive of the acquisition rather than the position held by the manager and that not all expectations have to be fulfilled in order for the acquisition to be perceived as successful.