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We examine the motivations for bidding-firm managers to disclose a forecasted synergy value along with the deal announcement. Our findings suggest that synergy disclosure decisions result from a trade-off between bidder management's need to signal the quality of the deal to its shareholders and the costs associated with providing inaccurate synergy estimates. Agency costs, antitrust regulations, proprietary costs, and the need to obtain shareholder approval are of secondary importance. Afterdoi:10.2139/ssrn.1571546 fatcat:jfiddjhyfzardpdtacglowhaby