sentences:  In mergers and acquisitions termination fees are often levied in the event that one party fails to consummate a merger—for instance, because it was unsuccessful in getting shareholder approval or because it agreed to a competing offer.For instance, in 2005 Johnson & Johnson agreed to acquire Guidant, but Guidant later accepted a competing offer and was subject to a termination fee of $705 million.These termination fees have been criticized as well.