The paper analyses a target firm's decision to voluntarily disclose information during a takeover event and the effect of these disclosures on the takeover outcome. It pictures this in a complete framework where the acquirer may also run a media campaign. The model predicts that a voluntary disclosure of positive information about the target decreases the likelihood that the takeover succeeds. The empirical analysis confirms this prediction by showing that positive earnings forecasts by target firms increases the probability of takeover failure.