We study the information gathering process surrounding firms by examining the IP addresses accessing Form 8-K filings for merger agreements. This allows us to measure who pays attention to the announcement, how attention varies across mergers, and if this attention is related to merger outcomes. We link each IP address to a particular firm or institution, as well as track if an IP address shows further interest in other associated filings. Further, we relate soft information about the merger revealed in the text and link specific topics, such as antitrust issues, to the decision to learn. We find that certain attention, such as the search activity of investment management firms, reveals characteristics about the merger, like the withdrawal of the deal or the involvement of an activist.