Stakeholder value vs. Shareholder Value

In most M&A deals the decisions are primarily based on maximizing the value i.e. the shareholder value. While we can all understand this fundamental principle, what about the other stakeholders e.g. Employees, Environment, Customers etc. What if the the real value in the merged company is anticipated to be derived from large lay-offs? What if the value in the merged company comes with expansions that endanger environment? How can a balanced view be taken?