Mergers and acquisitions (M&A) can be tricky transactions, a delicate dance between buyer and seller that must be choreographed in minute detail. This requires contemplation of a multitude of issues at the outset, many of which must be addressed as early as the letter of intent stage. Below are some of the top issues that should be decided upon as early as possible in the M&A process, as doing so is paramount to a successful transaction.

We’ve been speaking in recent posts about the merger review process, as well as a recent proposal to streamline that process. As these posts have made clear—at least in the context of dealing with federal regulators—mergers and acquisitions require a lot of planning, a lot of coordination, and a lot of work.

In our previous post, we began speaking about how companies can make the merger review process more efficient for themselves. As we noted, one important way to do this is by getting in contact with the Federal Trade Commission early on in the process and maintaining good communications along the way so that the agency is able to evaluate data as efficiently as possible.

One of the hurdles business must deal with in moving forward with a merger agreement is the merger review process. We have previously spoken about this process and some of the difficulties businesses can face in complying with the requests of the investigating agency. One of the issues we have not discussed is the burden of complying with data requests in general.

In our last post, we began speaking about the merger review process and the potential challenges that can come up for companies. One particularly aspect of the review process that can be a sticking point is the period after the preliminary review of a premerger filing, when the reviewing agency (either the Federal Trade Commission or the Department of Justice, as the case may be) could either terminate the waiting period early, allow it to expire on its own, or make a Request For Additional Information.

When two companies propose a merger, there are a lot of things that need to fall into place to make the deal successful. Aside from the business, financial and logistical aspects of the merger, there are various legal issues that must be addressed. This includes submitting the merger to the scrutiny of federal regulators.

In our last post, we spoke about a proposed merger between office supply chains Office Depot and Staples. As we noted, Office Depot shareholders recently voted to go forward with the acquisition, but the Federal Trade Commission still has to review the agreement and make a decision, which will determine whether or not the process can move forward.

An asset purchase agreement ("APA") is the heart of an acquisition, the document where the terms of the deal are struck. The terms of an APA will impact, among other things, the actual cost to the buyer, the amount received by the seller and the parties' obligations to each other for possibly years after the consummation of the sale. This post will begin a discussion of the various provisions of an asset purchase agreement and how the terms agreed to can favor one party to a transaction over the other, beginning with a brief look at terms that concern assumed and excluded assets and liabilities.

For companies looking to become more competitive in the marketplace, maintaining a lookout for potentially valuable acquisitions is an important task. Acquisitions, when entered into strategically and with proper legal guidance, can help a company to enhance its offerings and become more competitive. In industries where innovation is critical to success, buying out competitors can be a smart move.

Mergers and acquisitions are in the news a lot nowadays, as readers may have noticed. In fact, merger and acquisition activity has been quite significant this year, with global mergers having exceeded a value of $3 trillion through the end of November, according to a recent New York Times article citing data from Thomson Reuters. The assumption, to those who aren't experienced in the area, is that all these business deals are probably really helping companies out.