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Merger Antitrust Law (2018)

Dale Collins
NYU School of Law
Georgetown University Law Center

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    I

 

This page contains the memorandum introducing the course, class schedule, reading materials, and class notes for the Merger Antitrust Law course taught during the 2018 fall semester at Georgetown. It also contains links to related supplemental materials on the Applied Antitrust web site. There is no textbook for this course. Everything you need will be linked to this page.

Memorandum introducing the course

Class schedule 2.0 (revised September 16, 2018)

 
 
Required Reading
Comments and Optional Reading

Unit 1

Introduction to Merger Antitrust Law: Substance and Process

 

Class 1

Tuesday, August 28

Introduction to merger antitrust law
TransDigm/Takata

 

Memorandum introducing the course

Class schedule

Class 1 reading guidance

Unit 1 reading materials

Merger Antitrust Law: Introduction to Substance and Process (class notes)

Class 1 homework assignment

Instructor's answer

Hornbooks and Other Antitrust Study Aids

Unit 2

Predicting Merger Antitrust Enforcement Challenges

 

Class 2

Thursday, August 30

Predicting merger antitrust enforcement challenges
DOJ/FTC 2010 Horizontal Merger Guidelines

Class 2 reading guidance

Unit 2 reading materials

Predicting Merger Antitrust Enforcement Challenges (class notes)

Class 2 homework assignment

Instructor's answer

Class 2 slides (as used in class)

Unit 3

Presumptions and Merger Guidelines 

For additional supplemental materials, see 9. Introduction to Mergers: Statutes and Merger Guidelines in AppliedAntitrust.com

Class 3

Tuesday, September 4

Presumptions and Guidelines

Optional case study: Albertsons/Safeway

Class 3 reading guidance

Unit 3 reading materials

Presumptions and Merger Guidelines (class notes)

There is no homework assignment for this class (but there is one for the instructor that you should review)

Class 3 instructor's assignment

Instructor's answer

Class 3 slides (as used in class)

The Seminal Cases of the 1960s

  The common law approach to antitrust law 1
  United States v. E.I. du Pont de Nemours & Co. (1957) 4
  Brown Shoe Co. v. United States (1962 12
  United States v. Philadelphia National Bank (1963) 28
  United States v. Aluminum Co. of America (Rome Cable) (1964) 33
  United States v. Von’s Grocery Co. (1966) 36
  United States v. Pabst Brewing Co. (1966) 40
  United States v. General Dynamics Corp. (1974) 44

Merger Guidelines

U.S. Dep't of Justice & Fed. Trade Comm'n, Horizontal Merger Guidelines (rev. Aug. 19, 2010)

U.S. Dep't of Justice & Fed. Trade Comm'n, Horizontal Merger Guidelines (Apr. 8, 1997)

U.S. Dep't of Justice, Merger Guidelines (June 14, 1984) (published at 49 Fed. Reg. 26,823)

U.S. Dep't of Justice, Merger Guidelines (June 14, 1982) (published at 47 Fed. Reg. 28,493)

Fed. Trade Comm'n, Statement Concerning Horizontal Merger Guidelines (June 14, 1982)

U.S. Dep't of Justice, Merger Guidelines (May 30, 1968)

Note: The 1968, 1982, 1984 (except for Section 4), 1992, and 1997 Merger Guidelines have been superseded by the 2010 Merger Guidelines. Section 4 of the 1984 Merger Guidelines, which addresses nonhorizontal mergers, remains technically in effect.

Unit 4

The DOJ/FTC Merger Review Process

For additional supplemental materials, see 13. DOJ/FTC Merger Review and Settlement Procedures in AppliedAntitrust.com

Class 4

Thursday, September 6

Finish Unit 3 on presumptions and merger guidelines

Begin Unit 4 on DOJ/FTC merger investigations

Case study: Albertsons/Safeway

Class 4 reading guidance (revised Sept. 5, 2018)

Unit 4 reading materials

The DOJ/FTC Merger Review Process (class notes)

Class 4 homework assignment

Instructor's answer

Class 4 slides (as used in class)

DOJ Model Second Request (Nov. 28, 2016)

FTC Model Second Request (August 2015)

 

Class 5

Tuesday, September 11

DOJ/FTC merger investigations

Case study: Walgreens/Rite-Aid (postponed)

Class 5 reading guidance (revised September 6, 2018)

Unit 4 reading materials

FTC model timing agreement (Aug. 7, 2018) (FTC blog post)

The DOJ/FTC Merger Review Process (class notes)

Class 5 homework assignment

Finished Class 4 slides (as used in class)

Unit 5

Merger Antitrust Litigation

For additional supplemental materials, see 14. Merger Antitrust Litigation in AppliedAntitrust.com

Class 6

Thursday, September 13

Class 6 reading guidance

Unit 5 reading materials

Merger Antitrust Litigation (class notes)

Class 6 homework assignment

Class 6 slides (as used in class)

 

Unit 6

Settlements

 

For additional supplemental materials, see 13. DOJ/FTC Merger Review and Settlement Procedures in AppliedAntitrust.com

Class 7

Tuesday, September 18

Settlements
Albertsons/Safeway (FTC settlement)
Disney/Fox (DOJ settlement)

Class 7 reading guidance

Unit 6 reading materials

Merger Antitrust Settlements (2018 class notes)

I have started a major revision of the class notes for this unit. You do not need to look at it, but if you are interested you can find it here

THERE IS NO HOMEWORK ASSIGNMENT FOR THIS CLASS

Fed. Trade Comm'n, Bureaus of Competition & Economics, The FTC’s Merger Remedies 2006-2012 (Jan. 2017) (the "2017 FTC Merger Remedies Report")

Dan Ducore & Naomi Licker, Bureau of Competition, Fed. Trade Comm'n, Looking Back (Again) at FTC Merger Remedies (Feb. 3, 2017) (FTC blog post on the 2017 FTC Merger Remedies Report)

Deborah L. Feinstein, Dir., Bureau of Competition, Fed. Trade Comm'n, The Significance of Consent Orders in the Federal Trade Commission’s Competition Enforcement Efforts, Remarks Before GCR Live, New York, NY (Sept. 17, 2013)

Jonathan M. Jacobson, Issues in Antitrust Consent Decrees, Presented to the Department of Justice Antitrust Division (Apr. 26, 2018)

 

Review slides: HSR Reportability

Unit 7

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 8

Thursday, September 20

The 2010 Hertz/Dollar Thrifty deal

Class 8 reading guidance

Unit 7 reading materials

There are no class notes for this class

Class 8 homework assignment

 

Class 9

Tuesday, September 25

Antitrust considerations and the merger agreement

Class 9 reading guidance

Unit 7 reading materials

Allocating Antitrust Risk in Merger Agreements (class notes)

Class 9 homework assignment [TO BE POSTED]

For a collection of antitrust-related provisions appearing in merger agreements, see Dale Collins, Sample Antitrust-Related Provisions in M&A Agreements, AntitrustUnpacked.com (July 2, 2018)

Class 10

Thursday, September 27

The merger agreement (con’t)
The bidding war
FTC review and settlement
The aftermath

Class 10 reading guidance

Unit 7 reading materials

There are no class notes for this class

Class 10 homework assignment [TO BE POSTED]

 

Class 11

Tuesday, October 3

Catchup
In-class case study

   

Unit 8

Competition Economics

Class 12

Thursday, October 9

Basic concepts

   

Unit 9

H&R Block/TaxACT

NO CLASS

Thursday, October 11

MAKE-UP CLASS ON WEDNESDAY, OCTOBER 24

   

Class 13

Tuesday, October 16

Analysis of district court opinion

   

Class 14

Thursday, October 18

Analysis of district court opinion

 

 

Class 15

Tuesday, October 23

Analysis of district court opinion

 

 

Class 16

MAKE-UP CLASS

WEDNESDAY, OCTOBER 24

Analysis of district court opinion

 

 

THERE IS NO HOMEWORK ASSIGNMENT FOR THIS CLASS

 

Unit 10

ABInbev/Grupo Modelo

Class 17

Thursday, October 25

ABInbev/Grupo Modelo case study

   

Unit 11

Sysco/U.S. Foods

Class 18

Tuesday, October 30

Analysis of district court opinion

   

Unit 12

Staples/Office Depot

Class 19

Thursday, November 1

Analysis of district court opinion

 

 

Unit 13

Anthem/Cigna

Class 20

Tuesday, November 6

Analysis of district court opinion

   

Unit 14

Tronox/Cristal

Class 21

Thursday, November 8

Abitibi/Bowater case study
Tronox/Cristal case study

   

Unit 15

Short Horizontal Case Studies

Class 22

Tuesday, November 13

Sirius/XM
Halliburton/Baker Hughes
Adobe/Aldus
SGI/Alias/Wavefront
Boston Scientific/CVIS
Northwest/Continental
Continental/Delta
T-Mobile/Sprint

   

Unit 16

Nonhorizontal Mergers

Class 23

Thursday, November 15

Elimination of potential competition

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

   

Class 24

Tuesday, November 20

Vertical mergers

Comcast/NBCUniversal
AT&T/Time Warner

 

 

Class 25

Tuesday, November 27

Vertical mergers

Electric/Avio
Coca-Cola/Coca-Cola Enterprises

 

 

 

Unit 17

Putting It All Together

Class 26

Thursday, November 29