The following are part of the stages of merger and acquisition, except;a.Negotiationb.Investment Opportunity scanningc.Integrationd.Post-acquisition review

The stages of merger and acquisition typically include:

1. Investment Opportunity Scanning: This is the initial stage where companies identify potential opportunities for mergers or acquisitions. This could be based on various factors such as market trends, competitive landscape, financial performance, etc.

2. Negotiation: Once a potential target is identified, the next stage involves negotiation between the two companies. This includes discussions on the terms of the deal, valuation, structure of the deal, etc.

3. Integration: After the deal is finalized, the next stage is integration. This involves combining the operations of the two companies and could include aspects such as integrating the teams, processes, systems, etc.

4. Post-acquisition review: This is the final stage where the success of the merger or acquisition is evaluated. This could involve assessing whether the objectives of the deal were met, whether the integration was successful, etc.

Therefore, all the options mentioned - Negotiation, Investment Opportunity scanning, Integration, and Post-acquisition review - are part of the stages of merger and acquisition. None of them is an exception.