We consider a setting in which two potential merger partners each possess private information pertaining both to the … profitability of the merged entity and to stand-alone profits, and we investigate the extent to which this private information makes … ex-post regret an unavoidable phenomenon in merger negotiations. To this end, we consider ex-post incentive compatible …

, we evaluate the 2013 merger between Amer- ican Airlines and US Airways. Our results highlight that spillovers in entry … and post-merger network readjustments play an important role in shaping post-merger outcomes. …

's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize …, hence transfers can be made contingent on the new information accruing after the merger. Second, we study the case of … identify necessary and sufficient conditions for the implementability of efficient merger rules. In the second case, we show …