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In mergers and acquisitions (M&A), the targets’ shareholders are incited to stay as minor shareholders if the prospects for creation of value are reasonable. They ask that participation or sharing processes are agreed with the controlling shareholder, ensuring they profit from synergy gains. These contractual devices primarily involve the negotiation and definition of an incentive package aimed at the new controlling shareholder, allowing them to seize a disproportionate part of the value creation. Recognizing the role of private profits appears as a condition for the new controlling shareholder to accept minor investors beside them. The other regulating device is debt. Releveraging the target firm is a common goal for shareholders, allowing them to avoid the financial risk of creditors’ holdup.