The Board Email About "Taking Out" the Rival
Deal rationale written for the board ("neutralize our only real competitor") becomes the government's favorite kind of exhibit.
Boards want the strategic logic in plain English. Sometimes it comes out a little too plain.
The message
"This acquisition lets us take out our only real competitor and finally stop the price war we've been stuck in."
Why it mattered
In a merger investigation, the government would rather have your emails than your economists. "Take out our only real competitor" describes the elimination of competition; "stop the price war" describes ending the very rivalry that keeps prices down for customers. A single board email in this register can shift a case from a close call to a headline, because it speaks directly to intent.
Before you hit send
The strategy can be sound; the phrasing is radioactive. Coaching flags "take out," "dominate," "only competitor," and "stop the price war" as they're written and prompts for rationale grounded in customer benefit and efficiency. The same deal, described in language that doesn't testify against it.
Get the cautionary tale, not the deposition
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