Quite easily :
Introduce a simple regulation ( for public quoted companies initially ) :
“ ALL fees , commissions , incentives, management packages etc are deferred for x years and dependent on the valuation of the new merged entity in year X ( x to be defined by the mgmt proposing the transaction . “
It’s a variation on an old rule which is unfortunately never implemented “ put your money where your mouth is “ ( for ALL parties , advisors included !. )
The real issue is “why acquire” ? And the true answr is “ current management is admitting they don’t have the skill or imagination of deciding how to use current funds ( or leverage) , to increase stakeholder benefits . Point . Shareholders should “ listen to THIS clear message management is giving them “
Anything else is “ hot air , ego and false promises “ … as the studies prove .
Btw : the consultant who do all these studies …. Aren’t they the same ones who still bring deals and advice on acquisitions ?? ( :). :) :) )