There are over 140 jurisdictions around the world now applying merger control (antitrust/competition) rules to transactions, as well as an increasing number of foreign investment regimes. This ever-increasing range and complexity of global regulation can result in significant challenges and increased execution risk for the parties involved in M&A activity. Getting it wrong can be very costly as recent penalties of €110m and €80m for provision of inaccurate information and gun-jumping testify. In order to successfully navigate this environment, companies and their advisers need to understand the main practical issues and pitfalls that can arise under different antitrust regimes and how to ensure smooth running of the antitrust process within the broader transaction timeline.
We invite you to join us for the latest in our series of M&A breakfast briefings where we will be looking at how the antitrust process and risks can be successfully managed in the context of a public or private M&A transaction. Areas covered will include:
- an overview of some of the key features of antitrust clearance regimes, including focus on emerging markets and “problem” regimes;
- common challenges and practical issues that can arise and their impact on the M&A process and timetable;
- addressing antitrust risks in private M&A transaction documents, including use of conditions precedent, co-operation provisions and termination rights, and avoiding “gun-jumping”; and
- dealing with antitrust issues in the context of public takeovers, including the Takeover Panel’s approach to invoking anti-trust conditions and how protracted clearances can be accommodated within the Takeover Code timetable.
The presentation will be followed by a panel discussion and Q&A session with our speakers, Ian Giles, Mark Tricker and Paul Whitelock.