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The purpose of this paper is to analyze the impact of mergers and acquisitions in the financial performance and stock performance of the post-merger and acquisition companies and to analyze the success factors of mergers and acquisitions. This is a quantitative research which is conducted 42 non-financial companies listed on the Indonesia Stock Exchange and does mergers and acquisitions in 2010 to 2014. The test results paired test on financial performance, there are two variables that decreased significantly after mergers and acquisitions, which is profitability (Net Profit Margin) and liquidity (Current Ratio). The test results on the performance of stock pairs test were Cumulative Abnormal Return 30, 20, and 10 days after mergers and acquisitions increased but not significant after mergers and acquisitions. The test results of success factors by t-test showed that liquidity (Current Ratio and Quick Ratio) has significant effect on Cumulative Abnormal Return.