a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Do pre-offer target stock price runups increase bidder takeover costs? We present model-based tests of this issue … assuming runups are caused by signals that inform investors about potential takeover synergies. Rational deal anticipation …

I review recent takeover research which advances our understanding of "who buys who" in the drive for productive … targets, the role of the supply chain and industrial networks in driving takeovers, target plant efficiency, and pre- and post-takeover … strongly averse to bidder toeholds, and the merger negotiation process strongly protects proprietary information. Takeover …