9/2/2023 0 Comments Kobo forma guide![]() ![]() When a merger is part of a series of multiple acquisitions, the agencies may examine the whole series. ![]() Mergers should not further a trend toward concentration.Mergers should not entrench or extend a dominant position.Vertical mergers should not create market structures that foreclose competition.Mergers should not substantially lessen competition by creating a firm that controls products or services that its rivals may use to compete. ![]() Mergers should not eliminate a potential entrant in a concentrated market.Mergers should not increase the risk of coordination.Mergers should not eliminate substantial competition between firms.Mergers should not significantly increase concentration in highly concentrated markets.The document then describes in greater depth the frameworks and tools that may be used when analyzing a merger with respect to each guideline. These guidelines are not mutually exclusive, and a given merger may implicate multiple guidelines. At the outset, the guidelines give an overview of thirteen principles that the agencies may use when determining whether a merger is unlawfully anticompetitive under the antitrust laws. The draft guidelines build upon, expand, and clarify frameworks set out in previous versions. Since 1968, the agencies have issued and revised merger guidelines to enhance transparency and promote awareness of how the agencies carry out that charge with respect to mergers and acquisitions. The agencies protect competition through enforcement of the antitrust laws and other federal competition statutes. “There will be a substantial process for public to review and provide comments before we finalize these guidelines.” Simply put, competition today looks different than it did 50 - or even 15 - years ago.” said Assistant Attorney General Jonathan Kanter of the Antitrust Division. As markets and commercial realities change, it is vital that we adapt our law enforcement tools to keep pace so that we can protect competition in a manner that reflects the intricacies of our modern economy. Today, we are issuing draft guidelines that are faithful to the law, which prevents mergers that threaten competition or tend to create monopolies. ![]() “Competitive markets and economic opportunity go hand in hand. “These updated Merger Guidelines respond to modern market realities and will enable the Justice Department to transparently and effectively protect the American people from the damage that anticompetitive mergers cause.” “Unchecked consolidation threatens the free and fair markets upon which our economy is based,” said Attorney General Merrick B. Informed by thousands of public comments-spanning healthcare workers, farmers, patient advocates, musicians, and entrepreneurs-these guidelines contain critical updates while ensuring fidelity to the mandate Congress has given us and the legal precedent on the books.” “With these draft Merger Guidelines, we are updating our enforcement manual to reflect the realities of how firms do business in the modern economy. Faithful and vigorous enforcement of the antitrust laws is key to maintaining that success,” said FTC Chair Lina M. “Open, competitive, resilient markets have been a bedrock of America’s economic success and dynamism throughout our nation’s history. Both agencies encourage the public to review the draft and provide feedback through a public comment period that will last 60 days. The goal of this update is to better reflect how the agencies determine a merger’s effect on competition in the modern economy and evaluate proposed mergers under the law. Today, the Federal Trade Commission and the Department of Justice are releasing a draft update of the Merger Guidelines, which describe and guide the agencies’ review of mergers and acquisitions to determine compliance with federal antitrust laws.
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