Interlocking Directorate Considerations in M&A and Proxy Contests

The U.S. economy’s recovery has led to increased deal flow for mergers, acquisitions, minority and co-investments, and SPACs. With these transactions, as with shareholder activism, board seats are often in play, which brings the potential for board interlocks that may create antitrust issues. This article, originally published in the June 2021 issue of Sidley Perspectives, offers a refresher on the antitrust considerations for evaluating the suitability of director appointments.