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Boards and M&A: Playing, and Winning, the Game of Regulatory Risk
Skadden – Boards are regularly called upon to guide management teams in answering the age-old strategic question: build or buy? But the already complex business calculus has become increasingly complicated in the past several years because of stepped up scrutiny of mergers by regulators that has made outcomes less predictable. Against this backdrop, boards and management teams planning an M&A transaction face increased risks that a deal may not be completed by the contractual deadline, or will fail altogether. Regulators may insist on novel and unacceptable remedies, and the value of a deal may be eroded by delays or harsh remedies.