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The CEOs of AmeriSource, based in Valley Forge, Pennsylvania, and Bergen-Brunswig, based in Orange, California, held a conference call in New York with analysts at 10:30 a.m. The call was broadcast live on AmeriSource's website. Later at 1:30 p.m., the companies hosted a presentation with analysts, which was also webcast live.

Company websites give little info: Anyone arriving at AmeriSource's website would have had no idea that the company has just entered into the most significant deal in its history. The homepage, and for that matter the main investor relations page, made no mention of the merger.

The only mention to be found was in the news releases section, and even then it was obscure. A link to the investor community presentation was positioned at the top of the news release page, but the title made no mention of what the call was about. The first clear indication that a deal had just gone down appeared further down the page via a link to the news release.

The only mention of the merger on AmeriSource's website was in two places in the news release section.

Bergen Brunswig's homepage gave only slightly better treatment to the merger. At the top left of the page, a link to the merger release appeared at the top of a list of recent company news releases.

However, had anyone arrived directly at Bergen Brunswig's investor relations homepage, such as via a bookmark, they would have found no information about the deal.

Bergen Brunswig's IR homepage made no mention of the merger

The market reacts: The market's immediate reaction to the announcement was decidedly negative. Both companies' shares fell, with AmeriSource ending 6.77 percent down at the close and Bergen's 0.4 percent lower. The shares of both companies continued to weaken over the days that followed.

One reason put forward for the sell-off in the companies' shares was offered in a Reuters story that moved on the afternoon of the announcement. It quoted A.G. Edwards analyst Andy Speller as saying that companies had issued too little detail about the cost savings that would be realized from the merger.

Well-planned web communication works
What message should we take away from the BHP-Billiton and AmeriSource-Bergen Brunswig cases? Obviously, how they communicated their stories on the web cannot fully explain the market's different reaction to the deals. There were a large number of strategic, financial and other factors involved.

Clearly, though, a comprehensive communication strategy and good first impressions do count. By using the web to maximum effect and creating a special merger site, BHP and Billiton gave the impression that their union was well planned and thoroughly considered. They presented a unified front and turned the initial unfavorable reactions into positive ones by providing the detailed information analysts and investors needed to reach an informed opinion of the deal.

By contrast, AmeriSource and Bergen Brunswig provided less detail and did not seem to have a clearly defined communications strategy. This gave the impression, right or wrongly, of a disorganized, hastily arranged marriage.

Perhaps in business, as in life, a well-executed wedding is indeed a portent of a long and happy marriage to come. Well, a part of it anyway.