I’ve been very struck over the years by how differently companies prepare for CMA hearings during merger investigations.

Hearings are an important feature in many merger investigations, providing an opportunity for the merging firms, rivals and other interested parties to make their case.

Some hearings are turning points in a case.

Some are wasted opportunities.

Much depends on how hard the organisations involved think (or don’t think) about the objectives they set themselves.

Some prepare to dial up the rhetoric.

Some prepare to move the dial.

So, for all those with CMA hearings in view here’s a key question to start with…..