Restrepo, Fernán; Subramanian, Guhan - 2016 - Draft - July 2016
Deal protection in M&A deals evolves in response to Delaware case law and the business goals of acquirers and targets. We construct a new sample of M&A deals from 2003 to 2015 to identify four such areas of evolution in current transactional practice: (1) termination fee “creep,” which was...