The DOJ-FTC Horizontal Merger Guidelines Revisions: What They Mean for Your Next Deal

After years of criticism for not allegedly challenging horizontal mergers vigorously enough, the Justice Department's Antitrust Division and the Federal Trade Commission are revising their guidelines for reviewing mergers of competitors. The Antitrust Division says the revisions will "put antitrust enforcement on sounder economic foundations" and eliminate gaps between the Guidelines and the enforcement agencies' actual merger-review practices.

But what would these revisions, and the economic thinking behind them, mean for deals to come? Will merger review still be economically rigorous and consumer-focused? Will the agencies be less willing to count on new entry to compensate for increased compensation? How would an unproven new economic test affect mergers involving "differentiated" (non-commodity) products?

Please join partners Mark Ryan and Chris Kelly, along with economic expert Dr. Elizabeth Bailey of NERA Economic Consulting as they discuss the key changes in the proposed new Guidelines, and how they could affect the US agencies' merger reviews as the economy picks up.

Mark W. Ryan
Christopher J. Kelly
Dr. Elizabeth M. Bailey

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