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Merger Antitrust Law

Dale Collins
NYU School of Law
Georgetown University Law Center

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This page contains the memorandum introducing the course, class schedule, reading materials, and class notes for the Merger Antitrust Law course taught during the fall semester at Georgetown. It also contains links to related supplemental materials on the Applied Antitrust web site.

Memorandum introducing the course

Class schedule (Version 9.2)

 
 
Required Reading
Comments and Optional Reading
Unit 0
Introduction to Merger Antitrust Law
 

Class 1

Tuesday, August 29

Memorandum introducing the course

Class 1-2 reading guidance

Unit 0 reading materials

Merger Antitrust Law: Introduction to Substance and Process

U.S. Antitrust Institutions

 

Class 2

Thursday, August 31

Review Class 1-2 reading guidance

Merger Antitrust Law: Introduction to Substance and Process

 

Class 3

Tuesday, September 5

Merger Antitrust Law: Introduction to Substance and Process

 

Class 4

Thursday, September 7

Merger Antitrust Law: Introduction to Substance and Process

Walgreens/Rite-Aid short case study (no materials for this)

Walgreens/Rite-Aid class slides (available after class)

For a more complete collection of primary sources and commentary on Walgreens/Rite-Aid,click here.

Unit 1
Hertz/Avis Budget/Dollar Thrifty

For a more complete collection of primary sources and commentary on the Hertz/Avis Budget/Dollar Thrifty machinations than in the reading materials, including press releases, investor presentations, SEC filings, background information, and commentary, click here.

Class 5

Tuesday, September 12

The 2010 Hertz/Dollar Thrifty deal

Class 5 reading guidance

Unit 1 (Class 5) reading materials

There are no class notes for this class

 

Class 6

Thursday, September 14

Antitrust considerations and the merger agreement

Class 6 reading guidance

Unit 1 (Class 6) reading materials

Allocating Antitrust Risk in Merger Agreements

For a collection of antitrust-related provisions appearing in merger agreements, see Dale Collins, Sample Antitrust-Related Provisions in M&A Agreements, AntitrustUnpacked.com (Nov. 2014)

Class 7

Tuesday, September 19

The bidding war

Class 7 reading guidance

Unit 1 (Class 7) reading materials

 

Class 8

Thursday, September 21

HSR Act: Reportability and investigations

The HSR Act: Reportability and Investigations

DOJ Model Second Request (Nov. 28, 2016)

FTC Model Second Request (August 2015)

Class 9

Tuesday, September 26

HSR Act: Reportability and investigations

FTC review and settlement

Class 9 reading guidance

Finish The HSR Act: Reportability and Investigations

Unit 1 (Class 9) reading materials

Review Merger Antitrust Law: Introduction to Substance and Process (slides on remedies)

 

 

Class 10

Thursday, September 28

FTC review and settlement

Parker-Hannifin/Clarcor

Finish Unit 1 (Class 9) reading materials

Hertz/Avis Budget/Dollar Thrifty class slides (complete set--Updated September 21, 2017)

Parker-Hannifin Corp., Press Release, Parker to Acquire Filtration Company CLARCOR in a Strategic Portfolio Transaction (Dec. 1, 2016)

Clarcor Inc., Form 8-K (Dec. 1, 2016) (containing Agreement and Plan of Merger)

Clarcor Inc., Form 8-K (Jan. 18, 2017) (reporting on the expiration of the HSR Act waiting period)

Clarcor Inc., Press Release, CLARCOR Announces Record Date and Meeting Date for Special Meeting of Stockholders in Connection with the Pending Parker-Hannifin Transaction (Jan. 10, 2017)

Parker-Hannifin Corp., Press Release, Parker Hannifin Completes CLARCOR Acquisition (Feb. 28, 2017)

Clarcor Inc., Form 8-K (Feb. 28, 2017) (reporting on consummation of merger)

U.S. Dep't of Justice, Antitrust Div., Press Release, Justice Department Files Antitrust Lawsuit Against Parker-Hannifin Regarding the Company’s Acquisition of CLARCOR’s Aviation Fuel Filtration Business (Sept. 26, 2017)

Complaint, United States v. Parker-Hannifin Corp., 1:17-cv-01354-UNA (D. Del. filed Sept. 26, 2017)

Docket sheet (downloaded Sept. 27, 2017)

Unit 2
Competition Economics

Class 11

Tuesday, October 3

Basic concepts

Class 11 reading guidance

Basic Competition Economics
Updated October 5. A more complete version, but the October 1 version is sufficient

Basic Competition Economics class slides
(updated October 5)

Class 12

Thursday, October 5

Basic concepts

Class 12 reading guidance

Basic Competition Economics

Basic Competition Economics class slides
(updated October 5)

Unit 3
Sirius/XM short case study + The Evolution of Merger Antitrust Law: Statutes, Seminal Cases, and Merger Guidelines

Class 13

Thursday, October 12

Sirius/XM short case study

Sherman Act (1890)
Clayton Act (1914)
Celler–Kefauver Act (1950)
Review of the seminal substantive cases 
1968 DOJ Merger Guidelines
1982 DOJ Merger Guidelines

Sirius/XM short case study (no materials)

Classes 13-14 reading guidance

The Evolution of Merger Antitrust Law: Statutes, Seminal Cases, and Merger Guidelines

Unit 3 (Classes 13-14) reading materials

The Evolution of Merger Antitrust Law: Statutes, Seminal Cases, and Merger Guidelines
(updated October 13)

Class 14

Tuesday, October 17

1992 DOJ/FTC Horizontal Merger Guidelines
1997 DOJ/FTC efficiencies revision
2010 DOJ/FTC Horizontal Merger Guidelines

Classes 13-14 reading guidance

Evolution of Merger Antitrust Law: Statutes, Seminal Cases, and Merger Guidelines (updated October 13)

Unit 3 (Classes 13-14) reading materials

 
Unit 4
H&R Block/TaxACT

Class 15

Thursday, October 19

Some litigation basics

Class 15 reading guidance

Review Merger Antitrust Law: Introduction to Substance and Process (slides on litigation)

Antitrust Merger Litigation (class notes)

Unit 4 reading materials

 

Class 16

Tuesday, October 24

Market definition

Class 16 reading guidance

Review 2010 DOJ/FTC Horizontal Merger Guidelines § 4 (Market Definition); § 5 (Market Participants, Market Shares, and Market Concentration)

Market Definition (class notes)

Unit 4 reading materials

 

Class 17

Thursday, October 26

Market definition


Class 17 reading guidance

Review 2010 DOJ/FTC Horizontal Merger Guidelines § 4 (Market Definition); § 5 (Market Participants, Market Shares, and Market Concentration)

Market Definition (class notes)

Unit 4 reading materials

H&R Block/TaxAT class slides

Class 18

Tuesday, October 31

Coordinated effects
Unilateral effects
Efficiencies

Class 18 reading guidance

Review 2010 DOJ/FTC Horizontal Merger Guidelines § 6 (Unilateral Effects); § 7 (Coordinated Effects); and § 2.1.5 (Disruptive Buyers); § 10 (Efficiencies)

Anticompetitive Effect in Horizontal Mergers (class notes)

Unit 4 reading materials

H&R Block/TaxAT class slides

For a more detailed treatment of the use of diversion ratios in unilateral effects anlaysis than found in U.S. cases, see ± UK Office of Fair Trading, Anticipated Acquisition of the Online DVD Rental Subscription Business of Amazon Inc. by LOVEFiLM International Limited, No. ME/3534/08 (2008).

Unit 5
ABInbev/Grupo Modelo

Class 19

Thursday, November 2

Class 19 reading guidance

Unit 5 reading materials

There are no class notes for this unit.

 
Unit 6
Sysco/U.S. Foods

Class 20

Tuesday, November 7

Class 20 reading guidance

Review Antitrust Merger Litigation (class notes)

Unit 6 reading materials

There are no class notes for this unit.

± Statement of the Federal Trade Commission, In the Matter of Dollar Tree, Inc. and Family Dollar Stores, Inc., FTC File No. 141-0207 (July 13, 2015)

± Statement of Commissioner Joshua D. Wright Dissenting in Part and Concurring in Part - In the Matter of Dollar Tree, Inc. and Family Dollar Stores, Inc., FTC File No. 141-0207 (July 13, 2015)

Unit 7
Staples/Office Depot

Class 21

Thursday, Novermber 9

Class 21 reading guidance

Unit 7 reading materials

There are no class notes for this unit.

 
Unit 8
+ Anthem/Cigna + Short Horizontal Case Studies

Class 22

Tuesday, November 14

Class 22 reading guidance

Unit 8 reading materials (required reading only)

There are no class notes for this unit.

Unit 8 reading materials (complete)

Short horizontal case studies—Optional background materials

NB: This unit is out of sequence in order to reduce the reading load for the week

Unit 9
Short Horizontal Case Studies

Class 23

Friday, November 10

There are no materials for this class

NB: This unit is out of sequence in order to reduce the reading load for the week

Class slides

Optional background materials

Unit 10
Nonhorizontal Mergers

Class 24

Tuesday, November 21

Potntial competition mergers:

Mylan/Perrigo
Medtronic/Covidien
Mallinckrodt (Questcor)/ Novartis
Steris/Synergy Health
Nielsen/Arbitron

Class 24 reading guidance

Unit 10 reading materials

Nonhorizontal Mergers (class notes)

 
Class 25

Tuesday, November 28

Vertical mergers:

General Electric/Avio
Comcast/NBCUniversal
AT&T/Time Warner
Coca-Cola/Coca-Cola Enterprises

Class 25 reading guidance

Unit 10 reading materials (revised Nov. 21, 2017, to include AT&T/Time Warner complaint materials)

Added materials

Nonhorizontal Mergers (class notes)
Revised November 24, 2017, with more on vertical mergers

 
Unit 11
Putting It All Togehter
Class 26

Thursday, November 30

 

U.S. Dep't of Justice & Fed. Trade Comm'n, Commentary on the Horizontal Merger Guidelines (2006)

Eur. Comm'n, Competition Policy Brief: EU Merger Control and Innovation (Apr. 2016)