A merger or an acquisition provides a rare chance to refashion a company’s working arrangements—from frontline operations all the way to headquarters. But in spite of the hordes of senior managers, investment bankers, accountants, and consultants hunting for postmerger synergies, few seem to notice pricing. This oversight is odd, since even small changes in pricing can have a dramatic effect on the bottom line and contribute as much as 30 percent of the value of all synergies realized by a deal.

Postmerger pricing is a subtle art requiring much detailed work, which perhaps explains its neglect. It doesn’t mean simply raising prices across the board, a move consumers would resist and regulators forbid unless there were corresponding improvements in benefits to customers. On the contrary, merging companies should assess pricing from a number of angles. Do the prices of the merged company accurately reflect changes in benefits to its customers, for example? Do its discount rules make sense after the merger? Do premerger price structures make a good fit with changes in operations and distribution? What messages will a new price structure send to competitors? When should it be introduced?

To answer such questions, a management team must delve deep...