The purpose of this study was to measure merger performance on a longitudinal basis using a micro perspective. Specifically, this study looked at the performance of a sample of mergers drawn from the food and kindred products industry, Standard Industrial Classification code 20, for a period of five years before and five years after the merger using two performance measures. The performance measures, namely market returns to stockholders and return on investment, have been used extensively in the literature to study the performance of mergers and acquisitions, albeit on macro samples. The study offered significant statistical support for the hypothesis that mergers benefit the acquiring firm and its stockholders, as well as for the hypothesis that merger performance in the latter time period of study (1977 to 1984) was better than in the former (1968 to 1977). However, no significant difference in performance was found across merger types. The study discussed the managerial implications of these findings and offered directions for future research in the area of merger performance.