further analyze the effects of less restrictive policies, including merger remedies and the tax treatment of acquisitions and …

, including merger remedies and the tax treatment of acquisitions and initial public offerings. Such interventions tend to prevent …

's takeover strategy and the decision problem of the antitrust authority. We derive implications for a merger control approach to … acquirer firm to learn the merger synergies with the target firm in advance. The realization of a synergy is uncertain ex ante …, so that a direct merger exhibits a downside risk not only for the merging candidates but also for consumers. We show that …