Since 1999, IntraLinks has tried to go public twice, with the last time being 2005. But since then, the company's market -- on-demand software -- has surged in popularity.

So is time for another try at an IPO? Definitely. This week, IntraLinks filed the necessary papers with the Securities and Exchange Commision. The company plans to raise as much as $150 million.

In a typical merger, the parties will sign a confidentiality agreement. It's serious stuff. In fact, if a public company is involved, there are insider trading laws that are triggered.

Despite all this, there are often leaks. And, if they get some press, there's a good chance that the stock price will spike. Actually, a leak may mean that a deal falls apart.

Now, we have some academic validation. That is, Intralinks and London's Cass Business School conducted a study on 350,000 deals from 1994 to 2007. Among the deals that had leaks, only 49% closed. This compares to a 72% close rate for deals without leaks.

Why? I think there are several reasons. First of all, a leak will engender some distrust. Is the other side manipulating things?

What's more, a leak is likely to make a deal more expensive as traders and hedge funds jump into the stock.

Interesting enough, in light of the current environment -- where credit is constrained -- this may put even more pressure on potential deals.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.