No business is too small for its officers to be careless about what they write. There is no deal too small for antitrust scrutiny. A deal done to “eliminate your primary competitor” may attract government attention, especially when you put that goal in writing. The U.S.’s case against Bazaarvoice, to require essentially the undoing of a transaction, is a reminder to write with discretion. Being a mouse that roared and using colorful language may backfire. Moreover, a business should keep in mind antitrust when considering a transaction with a major competitor, regardless of its size. A deal that may be too small to report is not too small to be investigated.
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