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- W2224255554 abstract "The recent controversy over “Don’t Ask, Don’t Waive” standstills in M&A practice highlights the need to apply mechanism design to change-of-control transactions. In this Essay, we propose a novel two-stage auction procedure that induces honest bidding among participants while potentially yielding a higher sale price than an open ascending, a sealed-bid first price, or a Vickrey second-price auction. Our procedure balances deal certainty with value maximization through the Nobel Prize-winning principle of incentive compatibility, making participation in the M&A auction and honest disclosure of reservation prices in the parties’ interests rather than relying solely on heavy-handed expost enforcement. Moreover, the social benefits of our two-stage auction mechanism— greater transparency regarding the distribution of bids, avoidance of the winner’s curse, certainty in the M&A auction environment, and fairness to buyers and sellers—justify reduced judicial scrutiny of transactions utilizing the procedure under Revlon and Chancellor Strine’s recent dicta in Ancestry.com. * Professor of Politics, New York University. † J.D. Candidate, May 2013, Yale Law School." @default.
- W2224255554 created "2016-06-24" @default.
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- W2224255554 date "2014-01-01" @default.
- W2224255554 modified "2023-09-26" @default.
- W2224255554 title "Mechanism Design in M&A Auctions" @default.
- W2224255554 hasPublicationYear "2014" @default.
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