Merger and acquisition activity continues at a heated pace, as business considerations cause massive restructurings and the legal regime evolves new standards by which to judge transactions. This panel takes a very practical, board-oriented approach to the M&A market. How should an independent director approach an M&A transaction whether on the buy or sell side of the deal? How can a director assess whether a deal makes sense? Which questions should be asked? What kind of record should be built? How should the board manage the various investment bankers, attorneys, and other advisers who may become involved in the transaction? What are the points of greatest legal exposure that directors should keep in mind? The new Trump Administration also presages potential shifts in antitrust strategy and in the ease with which acquirers can build toehold positions, additional considerations that the panel will explore.