antitrust review outcome leads to a decline of 2.8 percent in acquirer firm value. We also show that lobbying before deal … antitrust concerns. However, this positive value effect of lobbying applies only in firms with strong corporate governance. Post …-announcement lobbying, concurrent with the antitrust review process, increases with adverse review outcomes. Our results highlight the role …

. It follows that an antitrust authority ignoring existing PPOs when evaluating merger proposals (which reflects the … to the merger. We show that a PPO reduces the minimal synergy level necessary to make a merger beneficial for consumers … current EU merger control regime) invites sneaky takeovers: Acquiring firms strategically use PPOs prior to a full merger …