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Over the past two decades, M&A mavens Richard Climan of Hogan Lovells and Joel Greenberg of Arnold & Porter have perfected the use of the illustrative “mock negotiation” as an educational tool to train aspiring deal practitioners in the art of negotiating complex M&A transactions. They recently squared off at the 19th Annual University of Texas M&A Forum in Dallas to demonstrate the negotiation of several controversial provisions in the definitive agreement for the acquisition of a privately held company. The topics they debated include: • Key differences between acquisitions by strategic acquirers and acquisitions by financial sponsors • Gaps in the coverage of representation & warranty insurance • Key differences between acquisitions by large-cap strategic acquirers and acquisitions by smaller strategic acquirers • Limitations on the usefulness of deal-points studies in acquisition negotiations • Consequential damages exclusions in indemnification provisions • Use of arbitration to resolve post-closing indemnification disputes • Non-meritorious claims indemnities • “10b-5” representations During their presentation, Rick and Joel stepped out of character frequently to explain and illuminate their negotiating stances.