M&A Lawyer Fraidin on AT&T Decision and Working With Ackman

The transcript discusses the legal and policy dynamics surrounding the AT&T and Time Warner case, highlighting the implications of government policy on antitrust issues and mergers. It explores the impact of these decisions on mergers and acquisitions, particularly in the context of government intervention. The role of activism and ESG issues in corporate governance is examined, noting a shift towards more sophisticated and substantive approaches. The importance of media strategy in activism is also emphasized, with a focus on achieving more substance and less drama.

What was the outcome of the Justice Department's case against the AT&T and Time Warner merger?

• The merger was approved.

• The merger was blocked.

• The case was dismissed.

• The case was settled out of court.

What is a potential consequence if the Justice Department asks for a stay pending appeal?

• The merger will be permanently blocked.

• The companies will have to pay a fine.

• The transaction termination date may pass during the appeal.

• The merger will be automatically approved.

How has the current government been described in terms of its approach to major transactions?

• Unconcerned with antitrust issues.

• Less intrusive than previous administrations.

• More focused on economic growth.

• More intrusive, especially regarding national security.

What shift is observed in the strategies of corporate activists?

• They are avoiding media attention.

• They are adopting subtler and more sustainable approaches.

• They are focusing more on short-term gains.

• They are becoming more aggressive.

How are companies responding to activists according to the discussion?

• By ignoring their suggestions.

• By engaging in open dialogue and considering their ideas.

• By filing lawsuits against them.

• By increasing their marketing budgets.

What role does media play in the strategies of activists?

• It is only used for advertising.

• It is a crucial part of their toolbox to influence public opinion.

• It is used to create drama.

• It is not considered important.

What is the expected trend in the interaction between companies and activists?

• More conflicts and legal battles.

• More focus on financial gains.

• Less communication and more isolation.

• Less drama and more progress.