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Gaining access to technological knowledge is observed as one of the major motives for corporate mergers and acquisitions, especially in technologically complex industries. We employ a small theoretical model as well as a hand collected 10 year dataset of German IPOs to add to previous research in two ways: First, by putting empirical evidence to the Grossman-Hart-Moore framework of incomplete contracts or property rights respectively. Secondly, we show that relevant specific human capital that is accumulated by a firm’s CEO or manager owner significantly decreases that firm’s probability of being a takeover target.