We examine the relation between patent thickets and acquisitions. Patent thickets are dense webs of overlapping … litigation. We find that firms are less likely to be acquired when they are in a denser thicket comprised of many patent owners … it can have these costs imposed on it by the acquirer. Importantly, our results are not explained by patent count, patent …

Liberalization ; Mergers & Acquisitions ; Corporate Governance ; Ownership …