law instruments) that may alleviate the need for merger control intervention are dealt with. Also, the appropriateness of … connection with non-controlling minority shareholding acquisitions. This contribution concludes that the European merger control …

We study the monitoring behavior of minority shareholders in private companies. We draw on a landmark judgment by Texas … Supreme Court in June 2014 that significantly curtailed minority shareholders’ monitoring ability in private firms. The … monitoring behavior of minority shareholders. Using hand-collected data, we document evidence consistent with over monitoring by …

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 … initial minority share, becomes an insider, and learns the merger synergy. We show how this feature of PPOs affects a firm …

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