A study analyzing trends in deal-protection measures binding both target companies and buyers who require their own stockholder vote, including no-shops and go-shops, fiduciary outs, matching rights, force-the-vote covenants, and break-up fees. The study covers merger agreements for acquisitions of US reporting companies entered into in 2017 with an equity value at signing of $100 million or more. The study also examines how various deal characteristics—including buyer type, form of consideration, deal size, and financing—affect the deal parties' negotiations.