I investigate acquisition performance as measured from the announcement returns in the presence of principal-principal conflicts in the context of the emerging market deals. I study the effect of ownership concentration of Indian acquirers on shareholder wealth in the acquisitions done from 2001 to 2015. Higher ownership concentration, a potential remedy for principal-agent conflicts in widely held public corporations, is a major concern of corporate governance in many countries. I observe that the presence of higher equity-holdings with corporate-bodies-as-promoters leads to lower shareholder-wealth gains around M&A deal announcements. This evidence supports the proposition that there is a presence of principal-principal conflicts in Indian firms, and it significantly affects acquisition performance as measured from the announcement returns. However, the involvement of financial sponsors on either buy-side or sell-side in M&A transaction creates significant shareholder-value.