This article provides the topical issues of Ukrainian M&A market in a down economy and the economy reformation. Even in the pre-crisis conditions the effectiveness of national integration processes was extremely low due to the lack of the infrastructure, lack of consideration of the specific features inherent in the functioning of the Ukrainian enterprises. Under modern conditions there is the need to find effective and efficient merger and acquisitions mechanisms, as the real and almost the only opportunity for rapid capitalization of the national producers. The aim of this article is to critically analyze the M&A market in Ukraine, to determine and systematize the characteristic features of its development aiming research of the key reasons for the ineffectiveness of mergers and acquisitions of national enterprises and to give recommendations for the possibilities of their solution. The following methods have been used in the article: study and analysis of scientific literature, analysis and synthesis, induction and deduction, dialectic method of investigation and method of quantitative analysis. In concordance with the main purpose the main specific features of the national M & A market have been highlighted and characterized; the most significant contemporary problems faced by Ukrainian companies in the process of mergers and acquisitions have been identified, an attempt to make recommendations to address them has been done. The outstanding characteristics of Ukrainian M&A market are: the widespread use of an intentional bankruptcy as a means of hostile change of ownership; distribution of a hostile takeover; a high percentage of participation in the integration processes of private companies; financing of mergers and acquisitions at the expense of equity and leasing; a high level of dependence on political and economic situation. Unsettled issues and areas of further research have been discovered related to the need for further scientific research of the problems identified by the account of specific features in the methodology of the formation of a complex integration process management systems to address issues of expediency and efficiency.