NEW: Kirkland & Ellis discusses the “naked” no vote — a straight no vote by target company shareholders rejecting a merger in the absence of a competing bid — and capped expense reimbursements for the potential acquiror in Undressing the No-Vote Fee. discusses the inclusion of both a termination fee and a no vote fee of significantly discrepant values in a high-profile merger agreement, and the possibility that a no vote fee could be viewed as coercive under Delaware law in Termination Fees: Google & Fitbit’s “No Vote Fee”.