We directly study the information gathering process around a merger announcement by using 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, when possible, to a particular firm or institution, as well as track if an IP address shows further interest in other filings associated with the target firm. We find that certain attention, such as the search activity of investment management firms, reveals characteristics about the merger, like the eventual withdrawal of the deal or the involvement of an activist. Our results describe the factors that lead institutions to spend effort learning about an important corporate event and what the decision to do so reveals about the prospects for the merger.

JEL classification: G14, G23, G34 

Keywords: Mergers; Information Acquisition; Institutional Investors; Activism