Charles Webb, Lead Antitrust Counsel at FedEx (NYSE: FDX)
When it comes to mergers and acquisitions, everyone loves to talk about synergies, growth, and market share. However, these enticing prospects can quickly dim if regulatory compliance risks are overlooked. While not the most glamorous aspect of M&A, compliance forms the bedrock that ensures deals are legally sound and smoothly executed.
In this episode of the M&A Science Podcast, Charles Webb, Lead Antitrust Counsel at FedEx, discusses how to manage regulatory compliance risks in M&A.
Things you will learn:
• Different types of regulatory compliance risks in M&A
• Applicability of antitrust framework to companies
• The evolution of antitrust laws
• The importance of avoiding Gun Jumping
• Increased aggressiveness of antitrust regulators
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Episode Timestamps
00:00 Intro
06:40 Different types of regulatory compliance risks in M&A
14:41 Applicability of antitrust framework to companies
20:47 Impact of HSR filing on the deal timeline
22:43 What does the HSR form look like?
24:56 How to land the narrative in a merger
28:25 The Origins of the Sherman Act
29:47 The Magna Carta of Free Enterprise
30:03 Fast forward 1914
30:36 Amendments and the Hart-Scott-Rodino Act
31:33 The evolution of antitrust laws
33:47 Risks during the waiting period
39:33 The importance of avoiding Gun Jumping
42:22 Best practices for internal communication during a deal
44:01 Understanding deal review risk in advance
46:11 What happens if a deal is rejected?
50:11 Increased aggressiveness of antitrust regulators
51:41 Real consequences for gun jumping
53:05 Balancing integration planning with gun jumping risks
57:43 The key to preparing for regulatory compliance
58:52 Craziest Thing in M&A