Résumé en anglais

This paper examines the combination of cash and share payments made during corporate acquisitions. Particularly, it analyzes the conditions of an optimal mixed payment in a context of asymmetry of information. Using a model, we highlight that the setting of conditions of payment is an endogenous part of a takeover agreement between the acquirer and the target. Our contribution is to show how, in the acquisition process, the cash percentage setting is a key element for conveying private information on the gains of synergy and the gains resulting from the transaction. We internalize in our model asymmetries of information and possible exaggeration biases. Both will influence the joint setting of a mixed payment scheme.