Brusco, Sandro; Lopomo, Giuseppe; Robinson, David T.; … - In: International Economic Review 48 (2007) 3, pp. 995-1035
We characterize incentive-efficient merger outcomes when payments can be made both in cash and stock. Each firm has private information about both its stand-alone value and a component of the (possibly negative) potential synergies. We study two cases: when transfers can, and cannot, be made...