Louis Lehot Explores Governance and Deal Process Considerations in M&A

Foley & Lardner LLP partner Louis Lehot shares insights on board governance, decision-making, and deal process strategy in his Law.com article, “When the Call Comes: How CEOs and General Counsel Should Handle an Unsolicited Acquisition Approach.”

“The approach rarely announces itself,” Lehot writes, noting that acquisition interest often begins through informal conversations rather than formal offers.

In the article, he discusses how company leaders can respond to unsolicited acquisition interest, addressing board communications, governance considerations, potential conflicts, and the deal structures companies used to bridge valuation gaps.

Lehot cautions, “Boards forgive a great deal. They do not forgive surprise,” emphasizing the importance of early board engagement and alignment.

“The value of thinking about it now is not that it commits anyone to anything,” he concludes. “It is that when the call comes, from whatever direction, the company can decide on its own terms, and at its own pace, whether it wants to have the conversation at all.”

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