Bidders and their advisers who leak details of a merger or takeover ahead of a formal announcement harm the chances of concluding that transaction, but could end up paying a lower premium for their target if they do succeed in completing.

Leaking details of a bid reduces the chance of a deal succeeding to less than 50% and increases the time it takes to complete by over 70%, according to a study by virtual data rooms provider IntraLinks and Cass Business School, part of London's City University.