Mergers and acquisitions (M&A) serve as crucial strategic tools for firms aiming to expand, enhance competitiveness, and reduce operational costs. In Malaysia, M&A activities have grown significantly in recent years due to increased economic openness and regional competition. However, the short-term impact of these corporate actions on shareholder value remains a subject requiring further empirical investigation. This study aims to assess whether M&A announcements by Malaysian acquiring firms lead to value creation or destruction in the short term. An event study methodology, the research focuses on event window surrounding the announcement date (-10 to +10 days). Cumulative abnormal returns (CARs) are calculated to measure market response. On the announcement day, a positive return of 0.6753% is observed, followed by a continued upward trend post-announcement, reaching a CAAR of 1.2299%. These findings suggest that M&A announcements tend to be positively received by the market, implying short-term value creation for acquiring firms.