Hola, Mercedes. En este contexto, esto se refiere a "pérdida de valor de la empresa". La Locked Box (según he leído) es un mecanismo que fija un valor concreto para una empresa que se vende y que da seguridad al comprador (valor prefijado=locked box). El artículo en cuestión nos está diciendo que todas las conductas que relaciona afectarían al valor de la empresa y se considerarían por lo tanto leakages. Te dejo un texto que he encontrado al respecto donde podrás comprobar que leak se refiere a leaks of value from the locked box (literalmente: pérdidas o fugas de valor de la caja cerrada):

By contrast, if a locked box mechanism is used, the purchase price is calculated and negotiated by reference to a recent historic set of accounts dated prior to the date of signing of the SPA, commonly called the ‘locked box date’. As the amount of cash, debt and working capital are therefore known by the parties at the time of signing of the SPA, the agreed price of the target business is fixed and written into the SPA. Consequently, the buyer will have no ability to adjust the purchase price after closing and will have to rely on contractual protections (through warranties, which are usually supported by an indemnity) to ensure no value leaks from the box through to the closing date. A key effect of this approach is that economic exposure (benefit and risk) to the target effectively transfers from the seller to the buyer at the locked box date, rather than at the closing date.