Merger and acquisition (M&A) transactions are often associated with increasing market share, improved operational efficiency and the ability to create value. Nevertheless, many studies have presented the drawbacks of M&A transactions, including an increase in the risk of bankruptcy. A significant number of companies go bankrupt in Hungary every year, even in non-recession periods. The goal of our analysis is to examine how the risks of companies, especially their bankruptcy risks, were affected by acquisitions in Hungary between 2008 and 2017. The results of our study with a focus on Hungarian companies confirm the research published in the international literature, according to which M&A transactions are unsuccessful in many cases, and the transactions are often followed by adverse effects. Our research results may change the perspectives associated with the allegedly well-known benefits and expectations of acquisitions. Based on our research, we recommend that companies planning to merge or acquire should also consider the possible failure of such transactions.