Applied Antitrust Law

Dale Collins
NYU School of Law
Georgetown University Law Center

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12. Nonhorizontal mergers

 

14. Merger litigation

 

 

13. DOJ/FTC Merger Review and Settlement Procedures

 

Reading and class notes
Gun jumping
DOJ remedies and consent settlements
Cinemark/Rave Cinemas
Signature Flight/Hawker Beechcraft
FTC remedies and consent settlements
Fresenius/Liberty Dialysis
Reference materials
DOJ case studies
FTC case studies

 
Primary Materials
Supplemental Materials

Reading and Class Notes

Reading and class notes

Unit 13 reading

DOJ/FTC Merger Antitrust Settlement Procedures

Unit 13 class notes

Fed. Trade Comm'n, Bureaus of Competitoon and Economics, The FTC’s Merger Remedies 2006-2012 (January 2017)

± United States, Commitment Decisions In Antitrust Cases (OECD Directorate for Financial and Enterprise Affairs Competition Committee, DAF/COMP/WD(2016)23, June 2, 2016).

Premerger Notification and the Hart-Scott-Rodino Act

Merger control notifications

Fed. Trade Comm'n, Premerger Notification and the Merger Review
Process

FTC Premerger Notification Office, Introductory Guide I: What Is the Premerger Notification Program? An Overview (rev. Mar. 2009)

Hart-Scott-Rodino Act, Clayton Act § 7A, 15 U.S.C. § 18a

Revised Jurisdictional Thresholds for Section 7A of the Clayton Act, 81 Fed. Reg. 4299 (Jan. 26, 2016) (effective Feb. 25, 2016)

Notification and Report Form for Certain Mergers and Acquisitions

Instructions

± FTC Premerger Notification Program web page

 

FTC Premerger Notification Office, Introductory Guide II: To File or Not to File: When You Must File a Premerger Notification Report Form (rev. Sept. 2008)

± U.S. Dep't of Justice & Fed. Trade Comm'n, Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976

HSR Act violations
 

± FTC list of HSR violations

—Failure to file
 

Selected examples

United States v. Automatic Data Processing, Inc., No. 96 0606, 1996 WL 224758 (D.D.C. Apr. 10, 1996)

Complaint for Civil Penal Ties for Failure to File Documents in Violation of the Premerger Reporting Requirements of the Hart-Scott-Rodino Act (Mar. 27, 1996) (± FTC news release)

Stipulation

Proposed final judgment

Motion for Entry of Judgment (Mar. 27, 1996)

± FTC web page

See In re Automatic Data Processing, Inc., 124 F.T.C. 456 (1977) (requiring ADP to divest the computer systems and automobile salvage-yard parts trading network it acquired from AutoInfo)

United States v. Blackstone Capital Partners II Merchant Banking Fund L.P. & Howard Andrew Lipson, 99–CV–0795 R, 1999 WL 34814751 (D.D.C. Mar. 31, 1999).

Complaint for Civil Penalties for Failure to Comply with the Premerger Reporting Requirements of the Hartscott- Rodino Act (Mar. 30, 1999) (DOJ news release)

Stipulation (Mar. 30, 1999)

[Proposed] Final Judgment (Mar. 30, 1999)

United States v. Hearst Trust, No. 1:01CV02119 (D.D.C. Oct. 15, 2001) (reported at 2001 WL 1478814)

Docket sheet (No. 01-2119) (downloaded Apr. 6, 2014)

Complaint for Permanent Injunction and Other Equitable Relief Pursuant to Section 7A(g)(2) of the Clayton Act and Section 13(b) of the Federal Trade Commission Act (Oct 10, 2001) (± FTC news release)

Stipulation (Oct. 10, 2001)

[Proposed] Final Judgment (Oct. 10, 2001)

Motion for Entry of Judgment (Oct. 10, 2001)

± FTC web page

See FTC v. Hearst Trust, No.1:01CV00734 (TPJ) (D.D.C. Dec. 18, 2001) (consent decree settling charges that the transaction violated Section 7 of the Clayton Act and including $19 million in disgorgement).

Docket sheet (No. 01-0734) (downloaded Apr. 6, 2014)

United States v. Iconix Brand Group, Inc., Civ. A. No. 1:07-cv-01852-ESH, 2007-2 Trade Cas. (CCH) ¶ 75,900 (D.D.C. 2007).

Docket sheet (downloaded July 4, 2009)

Complaint for Civil Penalty for Failure to Comply with the Premerger Reporting Requirements of 15 U.S.C. § 18A The Hart-Scott-Rodino Act (Oct. 15, 2007) (DOJ news release)

Stipulation (Oct. 15, 2007)

Final Judgment (Oct. 16, 2007)

Merger reviews
 

U.S. Dep't of Justice, Antitrust Div., Merger Review Process Initiative (rev. Dec. 14, 2006)

U.S. Dep't of Justice, Antitrust Div., Press Release, Antitrust Division Announces Amendments to Its 2001 Merger Review Process Initiative (Dec. 15, 2006)

U.S. Dep't of Justice, Antitrust Div., Background Information on the 2006 Amendments to the Merger Review Process Initiative (Dec. 14, 2006)

U.S. Dep't of Justice, Antitrust Div., Model Process & Timing Agreement (Dec. 14, 2006)

Deborah Platt Majoras, Chairman, Fed. Trade Comm'n, Reforms to the Merger Review Process (Feb. 16, 2006)

Second requests

Fed. Trade Comm'n, Premerger Notification Office, Model Request for Additional Information and Documentary Material (Second Request) (rev. Aug. 2015)

± U.S. Dep't of Justice, Antitrust Div., Request for Additional Information and Documentary Material Issued to Weebyewe Corporation (rev. Feb. 2014) (DOJ model second request).

± Fed. Trade Comm'n, Requests for Additional Information: Appeal Procedure

U.S. Dep't of Justice, Antitrust Div., Second Request Internal Appeal Procedure (rev. June 2001)

Obstruction of justice/Submitting false documents

 

Information, United States v. Nautilus Hyosung Holdings, Inc., No. 1:11-cr-00255-RLW (D.D.C. filed Aug. 15, 2011)

Docket sheet (downloaded Sept. 15, 2016)

Plea agreement

U.S. Dep't of Justice, Antitrust Div., Press Release, Nautilus Hyosung Holdings Agrees to Plead Guilty to Obstruction of Justice for Submitting False Documents in a Merger Investigation (Aug. 15, 2011)

Judgment in a Criminal Case (Oct. 26, 2011)

± DOJ web page

The "clearance process": Deciding which agency investigates the deal

 

Current process

U.S. Dep't of Justice, Antitrust Div., Antitrust Division Manual Ch. 7.A.1 (5th ed. Mar. 2014) (clearance)

± Justin O’Neill Kay, Clearance:The Back Story and Looking Forward, Antitrust Source, Aug. 2012, at 1

± Thomas Catan, This Takeover Battle Pits Bureaucrat vs. Bureaucrat, WSJ.com (Apr. 12, 2011)

± Aruna Viswanatha, FTC, DOJ Use Schoolyard Rules to Divide Google Deals, MainJustice.com (Feb. 12, 2010)

2002 FTC/DOJ clearance agreement (in effect for 11 weeks)

Memorandum of Agreement Between the Federal Trade Commission and the Antitrust Division of the United States Department of Justice Concerning Clearance Procedures for Investigations (Mar. 5, 2002) (± FTC press release) (±DOJ press release)

± Statement of Commissioner Mozelle W. Thompson (Mar. 5, 2002) (opposing agreement)

Letter from Senators Herb Kohl and Mike DeWine (Mar. 1, 2002)

Brooks Boliek, FTC Faces Hollings' Wrath Over DOJ's Merger Control, AllBusiness.com (Mar. 20, 2002)

U.S. Dep't of Justice, Antitrust Div., Press Release, Statement by Charles A. James Regarding DOJ/FTC Clearance Agreement (May 20, 2002) (confirming that the DOJ will no longer adhere by the agreement)

Timothy J . Muris, Comments on the FTC-DOJ Clearance Process, Before the Antitrust Modernization Commission (Nov. 3, 2005)

± American Antitrust Institute, The FTC-DOJ Clearance Agreement is Gone, But the Memory Lingers On: An exchange between Robert Skitol and David Balto (May 22, 2002) (from the FTC:WATCH, May 22, 2002)

Nonreportable transactions
 

Leslie C. Overton, Dep. Ass't Att'y Gen., Antitrust Div. U.S. Dep't of Justice, Non-Reportable Transactions and Antitrust Enforcement, Remarks as Prepared for the 14th Annual Loyola Antitrust Colloquium, Institute for Consumer Antitrust Studies, Chicago, Illinois (Apr. 25, 2014)

Federal-state cooperation in merger reviews

 

Protocol for Coordination in Merger Investigations between the Federal Enforcement Agencies and State Attorneys General (Mar. 11, 1998)

International cooperation in merger reviews

 

 

"Gun Jumping"

Flakeboard/SierraPine
(DOJ 2014)

U.S. Dep't of Justice, Press Release, Flakeboard Abandons Its Proposed Acquisition Of SierraPine: Decision to Abandon Deal Preserves Competition in the MDF Industry (Oct. 1, 2014)

Complaint, United States v. Flakeboard Am. Ltd., No. 3:14-cv-4949 (N. D. Cal. filed Nov. 7, 2014) (Nov. 7, 2014) (DOJ news release (Nov. 7, 2014))

Stipulation (Nov. 7, 2014)

Exhibit A: Proposed Final Judgment (Nov. 7, 2014)

Competitive Impact Statement (Nov. 7, 2014)

United States’ Explanation of Consent-Decree Procedures (Nov. 7, 2014)

± DOJ web page

± RISI, Particleboard and MDF Commentary (January 2014)

Commentary

 

ABA Section of Antitrust Law, Premerger Coordination: The Emerging Law of Gun Jumping and Information Exchange (2006)

William Blumenthal, General Counsel, Fed. Trade Comm'n, The Rhetoric of Gun-Jumping, Remarks Before the Association of Corporate Counsel, New York (Nov. 10, 2005).

DOJ Remedies and Consent Settlements

Statutes

Clayton Act §§ 5(b)-5(h), 15 U.S.C. §§ 16(b)-16(h) ("Tunney Act")

 
Guidelines

U.S. Dep't of Justice, Antitrust Div., Antitrust Division Manual Ch. 4 D: Negotiating and Entering Consent Decrees (5th ed. updated Mar. 2014)

U.S. Dep't of Justice, Antitrust Div., Antitrust Division Policy Guide to Merger Remedies (rev. June 2011) (news release)

Bill Baer, Ass't Att't Gen., U.S. Dep't of Justice, Antitrust Div., Remedies Matter: The Importance of Achieving Effective Antitrust Outcomes (Sept. 25, 2013)

Cinemark/Rave Cinemas

Transaction

Cinemark Holdings, Inc., Cinemark to Acquire 32 Theatres from
Rave Cinemas
(Nov. 16, 2012)

 
Complaint

Complaint, United States v. Cinemark Holdings, Inc., No. 1:13-cv-00727 (D.D.C. May 20, 2013)

U.S. Dept. of Justice, News Release, Justice Department Reaches Settlement with Cinemark Holdings Inc. and Rave Holdings LLC Movie Theaters (May 20, 2013)

Docket sheet (downloaded June 15, 2014)

Proposed consent decree

Proposed Final Judgment (May 20, 2013)

Hold Separate Stipulation and [Proposed] Order (May 20, 2013) (signed May 23, 2013)

 
Tunney Act materials

United States' Explanation of Consent Decree Procedures (May 20, 2013)

Competitive Impact Statement (May 20, 2013)

 
Final judgment

Plaintiff United States of America's Motion and Memorandum for Entry of the Proposed Final Judgment (Aug. 13, 2013)

Plaintiff United States of America's Certificate of Compliance with the Antitrust Procedures and Penalties Act (Aug. 13, 2013)

Report and Certification of Compliance with Tunney Act Requirements on Behalf of Cinemark Holdings, Inc., Rave Holdings, LLC, and Alder Wood Partners, L.P. (May 30, 2013)

Final Judgment (Aug. 15, 2013)

 
Post-judgment

Notice of Extension of Time and Completion of Divestitures (Sept. 17, 2013)

Cinemark Holdings, Inc., News Release, Cinemark Closes $240M Acquisition of Rave Theatres (May 29, 2013)

 

Signature Flight/Hawker Beechcraft

DOJ consent settlement

 

Complaint, United States v. Signature Flight Support Corporation/Hawker Beechcraft Services, Inc., 1:08-cv-01164 (D.D.C. filed July 3, 2008)

Docket sheet (downloaded Oct. 24, 2009)

Proposed Final Order (July 3, 2008)

Hold Separate and Preservation of Assets Stipulation and Order (July 3, 2008)

Competitive Impact Statement (July 3, 2008)

Plaintiff United States' Explanation of Consent Decree Procedures (July 3, 2008)

Final Judgment (Oct. 30, 2008)

Motion to modify final judgment

 

Defendant Signature Flight Support Corporation’s Emergency Motion to Stay Pending Disposition of Motion for Partial Relief from and Modification of Judgment (Dec. 2, 2008) (proposed order)

Notice of Extension of Time for Divestiture (Nov. 4, 2008)

Defendant Signature Flight Support Corporation's Motion for Partial Relief from and Modification of Judgment (Dec. 2, 2008)

United States Memorandum of Points and Authorities in Opposition to Defendant Signature's Motion for Partial Relief from and Modification of Judgment (Dec. 15, 2008)

Signature Flight Support Corporation's Reply Memorandum on Motion for Partial Relief from and Modification of Judgment (Dec. 22, 2008) (Exhibit A—Affidavit of Mark Johnstone) (Exhibit 1 to affidavit)

Appointment of trustee

 

Motion of the United States for Appointment of a Trustee (Dec. 18, 2008) (exhibit) (proposed order)

United States' Memorandum in Support of Motion of the United States for Appointment of Trustee (Dec. 18, 2008)

Signature Flight Support Corporation's Opposition to Motion of the United States for Appointment of Trustee (Dec. 24, 2008) (proposed order)

Memorandum Opinion and Order (Mar. 23, 2009) (appointing trustee to sell assets)

Modifications/terminations
 

U.S. Dept. of Justice, Antitrust Division Announces New Streamlined Procedure for Parties Seeking to Modify Or Terminate Old Settlements and Litigated Judgments (Mar. 28, 2014)

See ± U.S. Dep't of Justice, Antitrust Div., Antitrust Division Manual Ch.3 H.5 (5th ed. updated Mar. 2014)

DOJ remedies commentary

 

± Henry B. McFarland, The Role of Conduct Remedies in Addressing Merger Competitive Effects, Threshold, vol. 12, No. 1, Fall 2011, at 40.

Tunney Act commentary
 

± Lawrence M. Frankel, Rethinking the Tunney Act: A Model for Judicial Review of Antitrust Consent Decrees, 75 Antitrust L.J. 549 (2008)

± Joseph G. Krauss, David J. Saylor & Logan M. Breed, The Tunney Act: A House Still Standing, Antitrust Source, June 2007, at 1

Lloyd Anderson, Mocking the Public Interest: Congress Restores Meaningful Judicial Review of Government Antitrust Consent Decrees, 31 Vermont L. Rev. 593 (2007).

± Peter Hettich, Restoring Accountability and Oversight in the Antitrust Settlement Process (U. of St. Gallen Law & Economics Working Paper No. 2010-02, Dec. 21, 2005).

±Darren Bush & John J. Flynn, The Misuse and Abuse of The Tunney Act in the Microsoft Cases: The Adverse Consequences of The "Microsoft Fallacies," 34 Loyola U. Chi. L.J. 749 (2003).

Ronald G. Carr, Some Observations on the Tunney Act, 52 Antitrust L.J. 953 (1983).

FTC Remedies and Consent Settlements

Guidelines

Fed. Trade Comm'n, Bureau of Competition, Negotiating Merger Remedies (Jan. 2012)

± Fed. Trade Comm'n, Frequently Asked Questions About Merger Consent Order Provisions (.pdf downloaded Dec. 27, 2013)

Fed. Trade Comm'n, Withdrawal of the Commission’s Policy Statement on
Monetary Equitable Remedies in Competition Cases
(July 31, 2013)

Dissenting Statement of Commissioner Ohlhausen (July 31, 2013)

Fed. Trade Comm'n, Policy Statement on Monetary Equitable Remedies in Competition Cases (approved July 25, 2003)

Fed. Trade Comm'n, Policy Statement Regarding Duration of Competition and Consumer Protection Orders, 60 Fed. Reg. 42,569 (Aug. 16, 1995)

Fed. Trade Comm'n, Notice and Request for Comment Regarding Statement of Policy Concerning Prior Approval and Prior Notice Provisions in Merger Cases, 60 Fed. Reg. 39,745 (Aug. 3, 1995)

Fed. Trade Comm'n, Bureau of Competition, A Study of the Commission’s Divestiture Process (1999)

FTC speeches
 

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 (Sept. 17, 2013)

Fresenius/Liberty Dialysis

 

Complaint, In re Fresenius Medical Care AG & Co. KGaA, No. C-4348 (FTC filed Feb. 28, 2012)

± Fed. Trade Comm’n, News Release, FTC Requires Fresenius Medical Care AG to Sell 60 Dialysis Clinics Around the Country as a Condition of Acquiring Liberty Dialysis Holdings, Inc. (Feb. 28, 2012)

Agreement Containing Consent Orders (Feb. 28, 2012)

Decision and Order (Feb. 28, 2012) (redacted public version)

Order to Hold Separate and Maintain Assets (Feb. 28, 2012)

Fed. Trade Comm’n, Fresenius Medical Care AG & Co. KGaA: Analysis of Agreement Containing Consent Orders To Aid Public Comment, 77 Fed. Reg. 13324 (Mar. 6, 2012) 

 

± FTC web site

Final action:

Decision and Order (Mar. 25, 2012) (redacted public record version)

Appendix C - Monitor Agreement

Order To Hold Separate and Maintain Assets (Mar. 25, 2012 (redacted public record version)

Consent Decree Violations

Government enforcement

Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Sept. 28, 2001) (reported at 167 F. Supp. 2d 424)
Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Aug. 8, 2002) (reported at 214 F. Supp. 2d 167)
Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Mar. 28, 2003) (reported at 253 F. Supp. 2d 85)

See here for more materials

Private actions by divestiture buyers

Complaint, Haggen Holdings, LLC v. Albertson’s LLC, No. 1:2015-cv-00768 (D. Del. filed Sept. 1, 2015) (see here for more case materials)

Derivative actions

Barovic v. Ballmer, Case No. C14–0540–JCC (W.D. Wash., 2014) (denying motions to dismiss) (reported at 2014 WL 7011840)

Docket sheet (downloaded April 13, 2015)

Complaint (Apr. 11, 2014)

Exhibit A: Shareholder Demand Pursuant to Washington Law
Exhibit B: Reply (including Resolution of the Board of Directors Adopting the Conclusions and Recommendations of the Demand Review Committee)
Exhibit C: Letter to Robert B. Weiser (representing shareholders) from Susan S. Muck (representing Microsoft)

Stipulation Consolidating Related Actions, Appointing Co-Lead Counsel and Liaison Counsel and Related Matters and [Proposed] Order Thereon (May 20, 2014) (so ordered)

Verified Consolidated Shareholder Derivative Complaint (June 26, 2014)

Nominal Defendant Microsoft Corporation’s Motion to Dismiss Complaint (Aug. 11, 2014)
Individual Defendants’ Motion to Dismiss (Aug. 11, 2014)

Declaration of Stephen M. Rummage in Support of Individual Defendants’ Motion to Dismiss (Aug. 11, 2014)

Exhibit A: Excerpt from Microsoft Form 10-K
Exhibit B: Amended and Restated Articles of Incorporation of Microsoft Corporation

Plaintiffs’ Combined Opposition Brief to: (1) Nominal Defendant Microsoft Corporation’s Motion to Dismiss Complaint; and (2) Individual Defendants’ Motion to Dismiss (Sept. 30, 2014)

Nominal Defendant Microsoft Corporation’s Reply Memorandum in Support of Motion to Dismiss Complaint (Oct. 30, 2014)
Reply in Support of Individual Defendants’ Motion to Dismiss (Oct. 30, 2014)

Order (Dec. 10, 2014) (denying motions to dismiss)

Nominal Defendant Microsoft Corporation’s Answer to Verified Consolidated Shareholder Derivative Complaint (Jan. 9, 2015)
Individual Defendants’ Answer to Verified Consolidated Complaint (Jan. 9, 2015)

 

Reference Materials

Significant precedents

United States v. E.I. duPont de Nemours & Co., 366 U.S. 316 (1961) (± Oyez)

Remedies generally

± Richard A. Epstein, Antitrust Consent Decrees in Theory and Practice: Why Less Is More (2007).

± Markus Dertwinkel-Kalty & Christian Weyz, The E¤ects of Remedies on Merger Activity in Oligopoly (Feb. 2013).

± John E. Kwoka, Jr., Does Merger Control Work? A Retrospective on U.S. Enforcement Actions and Merger Outcomes, 78 Antitrust L.J. 619 (2013).

± Ken Heyer, Optimal Remedies for Anticompetitive Mergers, Antitrust, Vol. 26, No. 2, Spring 2012, at 26.

Divestiture remedies

Reports

Fed. Trade Comm'n, Bureau of Competition, A Study of the Commission’s Divestiture Process (1999).

Economics

Lúıs M.B. Cabral, Horizontal Mergers with Free-Entry: Why Cost Efficiencies May Be a Weak Defense and Asset Sales a Poor Remedy, 21 Int'l J. Indus. Org. 6607 (2003).

Divestiture in private actions

California v. American Stores Co., 495 U.S. 271 (1990)

Ginsburg v. InBev NV/SA, No. 09-2990 (8th Cir. Oct. 27, 2010) (reported as 623 F.3d 1229), aff'g No. 4:08CV01375 JCH (Aug. 3, 2009) (reported as 649 F. Supp. 2d 943)

E.D. Mo. docket sheet (downloaded Dec. 22, 2010)
Complaint (filed Sept. 10, 2008)
Memorandum and Order (E.D. Nov. 18, 2008) (denying plaintiffs' motion for a preliminary injunction)
Memorandum and Order (E. D. Mo. Aug. 3, 2009) (granting defendants' motion to dismiss under Rule 12(c))

On appeal:

Appellants' Brief (Oct. 7, 2009)
Brief for Appellees (Nov. 5, 2009)
Appellants' Reply Brief (Nov. 30, 2009)

Opinion (8th Cir. Oct. 27, 2010) (concluding that divestiture would not be appropriate as a matter of law and affirming grant of defendants' motion for judgment on the pleadings under Rule 12(c))

FTC disgorgement remedies

± Fed. Trade Comm'n, News Release, FTC Withdraws Agency's Policy Statement on Monetary Remedies in Competition Cases; Will Rely on Existing Law (July 31, 2012)

Statement of the Commission (July 31, 2012)
Dissenting Statement of Commissioner Ohlhausen (July 31, 2012)

± Fed. Trade Comm'n, Policy Statement on Monetary Equitable Remedies in Competition Cases (approved July 25, 2003; withdrawn July 31, 2012)

For public comments in response to an FTC request, see ± The Use of Disgorgement as a Remedy in Competition Cases (Federal Register notice requesting comments)

Cases

± Fed. Trade Comm'n, News Release, Hearst Corp. To Disgorge $19 Million and Divest Business to Facts and Comparisons to Settle FTC Complaint (Dec. 14, 2001)

Complaint for Permanent Injunction and Other Equitable Relief Pursuant to 7A(g)(2) of the Clayton Act and Section 13(b) of the Federal Trade Commission Act, FTC v. Hearst Trust, Civ. No.1:01CV00734 (D.D.C. Apr. 4, 2001)

Statement of Chairman Pitofsky and Commissioners Sheila F. Anthony and Mozelle W. Thompson

Dissenting Statement of Commissioners Orson Swindle and Thomas B. Leary

Final Order and Stipulated Permanent Injunction (Dec. 14, 2001)

Statement of Commissioners Sheila F. Anthony and Mozelle W. Thompson

Statement of Commissioner Orson Swindle

Statement of Commissioner Thomas B. Leary Concurring in Part and Dissenting in Part

The FTC consent decree provided that the disgorged profits would be paid into an escrow fund, to be distributed pro rata to eligible parties alleging harm including some or all of the
plaintiffs in J.B.D.L. Corp. v. Hearst Trust, Civil No 1:01CV00870 (D.D.C. filed Apr. 20, 2011), or other related class action lawsuits. The consent decree further provided that none of the disgorgement
funds could be used to pay attorney fees.

Memorandum and Order (May 14, 2002) (approving settlements) (reported as 205 F.R.D. 408)

Final Order and Judgment Approving Settlement Between the Direct Purchaser Settlement Class and Defendants (Feb. 14, 2002)

Final Order and Judgment Approving Settlement Between the Indirect Purchaser Settlement Class and Defendants (Feb. 14, 2002)

Memorandum and Order (May 21, 2002) ((holding that class counsel was entitled to recover 30 percent fee based only on amount of additional recovery attributable to their efforts) (reported as 209 F. Supp. 2d 96)

Federal Trade Commission’s Memorandum of Points and Authorities in Opposition to Class Plaintiffs’ Petition for Award of Counsel Fees and Reimbursement of Expenses (____)

Order (Aug. 29, 2002)

Commentary

± David K. Park & Richard Wolfram, The FTC’s Use of Disgorgement in Antitrust Actions Threatens to Undermine the Efficient Enforcement of Federal Antitrust Law, Antitrust Source, Sept. 2002.

± Einer Elhauge, Disgorgement As An Antitrust Remedy, 76 Antitrust L.J. __(2009).

FTC order violations

Boston Scientific

Complaint for Civil Penalties, Injunctive and Other Relief Pursuant to Section 5(l) of the Federal Trade Commission Act, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Oct. 31, 2000) (FTC news release)

Docket sheet (downloaded Sept. 20. 2016)

Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Sept. 28, 2001) (reported at 167 F. Supp. 2d 424)
Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Aug. 8, 2002) (reported at 214 F. Supp. 2d 167)
Memorandum and Order, United States v. Boston Scientific Corp., No. 00-12247-PBS (D. Mass. Mar. 28, 2003) (reported at 253 F. Supp. 2d 85)

Final Judgment (Apr. 2, 2003)

Merger remedies in the EU

Commission Notice on Remedies Acceptable under Council Regulation (EC) No. 139/2004 and under Commission Regulation (EC) No. 802/2004, 2008 O.J. (C 267) 1.

DG COMP, Eur. Comm'n, Merger Remedies Study (2005) (public version)

DG COMP, Eur. Comm'n, Best Practice Guidelines: The Commission’s Model Texts for Divestiture Commitments and the Trustee Mandate under the EC Merger RegulationDG COMP web page)

DG COMP, Eur. Comm'n, Model text for divestiture commitments
DG COMP, Eur. Comm'n, Model text for trustee mandate
Eur. Comm'n, Press Release, Commission publishes best practice guidelines for divestiture commitments in merger cases (May 2, 2003)

± Tomaso Duso, Klaus Gugler, & Burcin Yurtoglu, How Effective Is European Merger Control? (Apr. 3, 2008), final version at 55 Eur. Econ. Rev. 980 (2011).

Stephen Davies & Bruce Lyons, Mergers and Merger Remedies in the EU: Assessing the Consequences for Competition (2008).

± François Lévêque, Are Merger Remedies Effective in the EU? (Feb. 2007).

± Peter L. Ormosi, Determinants of the Success of Remedy Offers: Evidence from European Community Mergers (ESRC Centre for Competition Policy Working Paper 09-11, Nov. 2009).

± Massimo Motta, Michele Polo, & Helder Vasconcelos, Merger Remedies in the European Union: An Overview (Feb. 17, 2002), final version at 52 Antitrust Bull. 603 (2007).

± Tomaso Duso, Klaus Gugler & Burcin Yurtoglu, EU Merger Remedies: An Empirical Assessment (Dec. 6, 2005).

DOJ Case Studies

AMC/Carmike (DOJ 2016)
ABI/SABMiller
Halliburton/Baker Hughes
Comcast/Time Warner Cable (DOJ 2014)
Horizon Milling/ConAgra Joint Venture (DOJ 2014)
Grupo Bimbo/Sara Lee (DOJ 2011)
Signature Flight/Hawker Beechcraft (DOJ 2008)

AMC/Carmike

The transaction

AMC Theaters & Carmike Cinemas, Inc.,Press Release, AMC Theatres to Acquire Carmike Cinemas, Creating Largest Chain of Movie Theatres in the U.S. and the World (Mar. 3, 2016)

AMC, Investor Presentation, AMC Entertainment Holdings, Inc. to Acquire Carmike Cinemas, Inc. (Mar. 4, 2016)

Carmike Cinemas, Inc., Press Release, Carmike Cinemas Issues Statement (Mar. 8, 2016)

Carmike Cinemas, Inc., Letter to Stockholders (May 23, 2016) (setting shareholders meeting for June 30, 2016)

Carmike Cinemas, Inc., Carmike Cinemas Adjourns Special Meeting until July 15 (June 30, 2015)

AMC Theaters, Press Release, AMC Statement on Carmike Meeting Being Adjourned to July 15, 2016 at Which Carmike Shareholders Will Vote on the AMC/Carmike Merger Transaction (June 30, 2016)

Carmike Cinemas, Inc., Press Release, Carmike Cinemas Announces Intention To Adjourn Special Meeting Until July 25, 2016 (July 14, 2016)

AMC Theaters, Press Release, AMC Statement on Potential Carmike Cinemas Acquisition (July 20, 2016)

AMC Theaters, Press Release, AMC Theatres Makes Best and Final Offer to Acquire Carmike Cinemas for $33.06 Per Share in Cash and Stock (July 25, 2016)

Carmike Cinemas, Press Release, Carmike Cinemas Announces Amended and Restated Merger Agreement with AMC Theatres (July 25, 2016)

Carmike Cinemas, Notice of Special Meeting of Stockholders To Be Reconvened on November 15, 2016 (Oct. 17, 2016)

AMC Theaters, Press Release, AMC Entertainment Holdings, Inc. and Carmike Cinemas, Inc. Announce Election Deadline (Dec. 8, 2016)

AMC Theaters, Press Release, AMC Entertainment Holdings, Inc. to Host Conference Call to Discuss the Department of Justice Approval of the Carmike Cinemas, Inc. Acquisition (Dec. 20, 2016) (± AMC conference call)

AMC Theaters, Press Release, AMC Entertainment Holdings, Inc. Completes Acquisition of Carmike Cinemas, Inc., Becomes Largest U.S. Movie Exhibitor (Dec. 21, 2016)

 

The DOJ consent decree

U.S. Dep’t of Justice, Antitrust Div., Press Release, AMC Required to Divest Movie Theatres, Reduce NCM Ownership and Complete Screen Transfers in Order to Complete Acquisition of Carmike Cinemas (Dec. 20, 2016)

Docket sheet (downloaded Dec. 27, 216)

Complaint (Dec. 20, 2016)

Civil cover sheet (Dec 20, 2016)

United States’ Explanation of Consent Decree Procedures (Dec. 20, 2016)

Hold Separate Stipulation and Order (Dec. 20, 2016) (so ordered Dec. 20, 2016)

Proposed Final Judgment (Dec. 20, 2016)

Competitive Impact Statement (Dec. 20, 2016)

 

Commentary

± Ted Johnson, AMC Entertainment Reaches Settlement with Justice Department to Clear Carmike Merger, Variety.com (Dec. 20, 2016)

ABI/SABMiller

DOJ consent decree

Complaint, United States v. Anheuser-Busch InBev SA/NV, No. 1:16-cv-01483 (D.D.C. filed July 20, 2016) (DOJ news release)

Proposed Final Judgment (July 20, 2016)

Hold Separate Stipulation and Order (July 20, 2016)

Competitive Impact Statement (July 20, 2016)

United States' Explanation of Consent Decree Procedures (July 20, 2016)

± DOJ web page

Background materials

± ABInBev, Press Release, Anheuser-Busch InBev Proposes Combination with SABMiller to Build the First Truly Global Beer Company (Oct. 7, 2015)

± ABInBev, Building the First Truly Global Beer Company (Nov. 11, 2015)

± ABInBev deal web page

Private actions

Complaint for Injunctive Relief to Prohibit the Acquisition of SABMiller PLC by Anheuser-Busch Inbev, SA/NV As a Violation of Section 7 of the Clayton Antitrust Act, 15 U.S.C. § 18, Dehoog v. Anheuser-Busch InBev, SA/NV, No. 1:15-cv-02250 (D. Or. filed Dec. 1, 2015)

Commentary

American Antitrust Institute, Competitive Concerns and Remedy in the Proposed Merger of AB InBev and SABMiller (Apr. 25, 2016)

Michael J. De La Merced, Anheuser-Busch InBev Merger With SABMiller Wins U.S. Antitrust Approval, N.Y. Times DealBook, July 20, 2016

Halliburton/Baker Hughes

Background materials

Letter to David J. Lesar, CEO Halliburton, from Martin Craighead, CEO Baker Hughes (Nov. 4, 2014)
Letter to David J. Lesar, CEO Halliburton, from Martin Craighead, CEO Baker Hughes (Nov. 9, 2014)
Letter to David J. Lesar, CEO Halliburton, from Martin Craighead, CEO Baker Hughes (Nov. 12, 2014)
Baker Hughes Incorporated, Press Release, Baker Hughes Announces Receipt of Director Nominations from Halliburton (Nov. 14, 2014)

Halliburton and Baker Hughes Incorporated, Press Release, Halliburton and Baker Hughes Reach Agreement to Combine in Stock and Cash Transaction Valued at $34.6 Billion (Nov. 17, 2014)

± Halliburton and Baker Hughes Investor Presentation (Nov. 17, 2014)

Baker Hughes Incorporated, Press Release, Halliburton and Baker Hughes Receive Expected Requests for Additional Information from DOJ (Feb. 10, 2015)

Halliburton, Press Release, Halliburton to Separately Market for Sale its Drill Bits, Directional Drilling and LWD/MWD Businesses in Connection with Pending Baker Hughes Acquisition (Apr. 7, 2015)

Baker Hughes Incorporated, Press Release, Halliburton and Baker Hughes Provide Update on Proposed Acquisition (July 10, 2015)

Baker Hughes Incorporated, Press Release, Halliburton and Baker Hughes Announce Additional Divestiture Proposals (Sept. 28, 2015)

District court

Complaint, United States v. Halliburton Co., No. 1:16-cv-00233-UNA (D.D>C. filed Apr. 6, 2016) (DOJ news release) (market shares chart) (market shares table)

Halliburton and Baker Hughes Incorporated, Press Release, Halliburton and Baker Hughes Announce Termination of Merger Agreement (May 1, 2016)

Dept' of Justice, Press Release, Halliburton and Baker Hughes Abandon Merger After Department of Justice Sued to Block Deal (May 1, 2016)

Commentary

± Michael J. de la Merced, Halliburton to Buy Baker Hughes for $34.6 Billion, N.Y. Times Dealbook, Nov. 17, 2014.

± Brent Kendall, Lynn Cook & Alison Sider, Halliburton-Baker Hughes Deal Could Face Antitrust Hurdles, Wall St. J., Nov. 17, 2014.

± Kevin Allison, Halliburton’s Baker Hughes Bid Looks Less Refined, Reuters.com, Nov. 2, 2015.

± Maureen Farrell, Winners and Losers From the $100 Billion M&A Day, Wall St. J. MoneyBeat.com, Nov. 17, 2014.

± David McLaughlin, Matthew Monks & Zain Shauk, Halliburton Plans to Sell Less Baker Assets Than Expected, BloombergBusinessweek.com, Nov. 17, 2014.

± Alison Sider, Halliburton-Baker Hughes Merger Sinks on Regulators’ Objections, WSJ.com, May 1, 2016..

± Leslie Picker, Halliburton and Baker Hughes Call Off $35 Billion Merger, NYTimes.com, May 1, 2016.

Comcast/Time Warner Cable

Transaction voluntarily terminated by the parties as the DOJ and FCC reviews were concluding.

± Comcast Corporation, Form 8-K (Apr. 24, 2015) (re termination of agreements)

U.S. Dep't of Justice, Antitrust Div., Press Release, Comcast Corporation Abandons Proposed Acquisition of Time Warner Cable after Justice Department and the Federal Communications Commission Informed Parties of Concerns (Apr. 24, 2015)

Deal materials

Agreement and Plan of Merger dated as of February 12, 2014 among Comcast Corporation, Time Warner Cable Inc. and Tango Acquisition Sub, Inc.

Comcast/Time Warner Cable investor presentation (Feb. 13, 2014)

± Transcript of investor presentation (Feb. 13, 2014)

± Comcast Corp., Press Release, Comcast to Divest 3.9 Million Customers of Merged Comcast-Time Warner Cable Charter to Enhance Scale and Improve Geographic Footprint Divestiture will be Executed through Three Separate Transactions, Including the Creation of a New, Independent, Publicly-Traded Cable Provider (Apr. 28. 2014)

FCC materials

Applications and Public Interest Statement, In re Applications of Comcast Corp. and Time Warner Cable Inc. For Consent To Transfer Control of Licenses and Authorizations, MB Docket No. 14-57 (F.C.C. Apr. 8, 2014)

Comments of the Writers Guild of America, West, Inc., In re Annual Assessment of the Status of Competition in the Market for the Delivery of Video Programming, MB Docket No. 14-16 (F.C.C. Mar. 21, 2014)

Comments of the American Antitrust Institute (Aug. 25, 2014)

Comments of Antitrust Law and Economics Professors (Oct. 20, 2014)

± FCC comment page

Congressional testimony

± See Examining the Comcast-Time Warner Cable Merger and the Impact on Consumers, Hearing Before the S. Comm. on the Judiciary (Apr. 9, 2014)

Selected testimony:

David L. Cohen, Exec. Vice President, Comcast Corp., and Arthur T. Minson, Jr., Exec. Vice President & Chief Financial Officer, Time Warner Cable Inc.., (Apr. 9, 2014) (exhibits)

Gene Kimmelman , President and CEO, Public Knowledge

Christopher S. Yoo, University of Pennsylvania Law School

Record submission (various letters and comments received by the Committee)

Comcast response to critics

± Sena Fitzmaurice, Vice President, Corporate Communications—Government & Regulatory Communications, Comcast Corporation, A False Claims Act–The Non-Coalition’s Allegations against the Time Warner Cable Deal (Mar. 12, 2015).

± David L. Cohen, Executive Vice President and Chief Diversity Officer, Comcast Corporation, Setting the Record Straight on Criticisms of the Comcast-TWC Transaction (Apr. 22, 2015)

Articles and commentary

± Maurice E. Stucke & Allen P.Grunes, Crossing the Rubicon: Why the Comcast/Time Warner Cable Merger Should Be Blocked (June 2014).

± Diana L. Moss, Rolling Up Video Distribution in the U.S.: Why the Comcast-Time Warner Cable Merger Should Be Blocked (American Antitrust Institute June 11, 2014)

± Letter to Sen. Al Franken from Ed Black, President & CEO, Computer & Communications Industry Association (June 9, 2014)

± Mark Cooper & Corie Wright, Why the Comcast/NBC Merger Poses a Major Threat to Video Competition that Antitrust Authorities Cannot Ignore (Consumer Federation of America and Freepress ____)

± American Antitrust Institute & Public Knowledge, Comcast-Time Warner Cable: Harnessing Advocacy Against the Proposed Merger (May 5, 2014)

± Scott Wallsten, An Economic Analysis of the Proposed Comcast/Time Warner Cable Merger (Technology Policy Institute May 2014)

± Ben Fox Rubin, Charter Buying Subscribers That Comcast Divests, Wall St. J., Apr. 28, 2014

± Mark Cooper, Consumer Federation of America, Buyer and Bottleneck Market Power Make the Comcast-Time Warner Merger “Unapprovable” (Apr. 8, 2014)

± John Cassidy, Standing Up to Comcast, NewYorker.com, Apr. 8, 2014

± Shalini Ramachandran,Gautham Nagesh & Brody Mullins, Comcast’s Lobbying Machine Faces Test in Washington, WSJ.com, Jan. 22, 2015.

 

± David McLaughlin & Todd Shields, U.S. Antitrust Lawyers Said Leaning Against Comcast Deal, Bloomberg.com, Apr. 17, 2015.

± Shalini Ramachandran, Joe Flint & Brent Kendall, Comcast Strives to Save Merger With Time Warner Cable, WSJ.com, Apr. 19, 2015.

± Brent Kendall & Shalini Ramachandran, Hurdles Are Rising for Comcast Deal, WSJ.com, Apr. 21, 2015.

± Shalini Ramachandran, Joe Flint & Brent Kendall, FCC Staff Recommends Hearing on Comcast-Time Warner Cable Merger, WSJ.com, Apr. 23, 2015.

± Liz Hoffman & Maureen Farrell, Advisers Could Lose $380 Million in Comcast-TWC Fees, WSJ.com, Apr. 24, 2015.

± Tim Wu, The Death of the Comcast Deal, New Yorker.com, Apr. 24, 2015.

Horizon Milling/ConAgra Joint Venture

Complaint, United States v. Conagra Foods, Inc., No. 1:14-cv-00823 (D.D.C. filed May 20, 2014)

U.S. Dep't of Justice, Press Release, Justice Department Requires Conagra, Cargill, CHS, Horizon Milling to Divest Four Significant Flour Mills to Go Forward with Ardent Mills Joint Venture (May 20, 2014)

Proposed Final Judgment (May 20, 2014)

Hold Separate Stipulation and Order (May 20, 2014)

Competitive Impact Statement (May 20, 2014)

 

Comments during investigation

Letter to Bill Bear, Ass't Att'y Gen., Antitrust Div., from Food & Water Watch (Apr. 5, 2013)
Letter to Bill Bear, Att't Att'y Gen., Antitrust Div., and Edith Ramierz, Chairwomen, Fed. Trade Comm'n, from the American Antitrust Institute (Apr. 29, 2013)
Letter to Bill Bear, Ass't Att'y Gen., Antitrust Div., from American Antitrust Institute and Food & Water Watch (Feb. 18, 2014)

Grupo Bimbo/Sara Lee
(DOJ 2011)
 
Signature Flight/Hawker Beechcraft

Complaint, United States v. Signature Flight Support Corporation/Hawker Beechcraft Services, Inc., 1:08-cv-01164 (D.D.C. filed July 3, 2008)

Proposed Final Order (July 3, 2008)

Hold Separate and Preservation of Assets Stipulation and Order (July 3, 2008)

Competitive Impact Statement (July 3, 2008)

Plaintiff United States' Explanation of Consent Decree Procedures (July 3, 2008)

Final Judgment (Oct. 30, 2008)

FTC Case Studies

Walgreens/Rite Aid (FTC 2017)
Albertson's/Safeway (FTC 2015)
Dollar General/Dollar Tree/Family Dollar (FTC 2014)
Nielsen/Arbitron (FTC 2013)
Pinnacle/Ameristar (FTC 2013)
Hertz/Dollar Thrifty (FTC 2012)
Western Digital/Hitachi (FTC 2012)
Cardinal Health/Biotech (FTC 2011)
Hearst Trust (FTC 2001)

± FTC merger enforcement press releases (filter for merger cases)

Walgreens/Rite Aid (FTC 2017)

Background

Walgreens Boots Alliance, Inc. & Rite Aid Corporation, Press Release, Walgreens Boots Alliance to Acquire Rite Aid for $17.2 Billion in All-Cash Transaction (Oct. 27, 2015)

Walgreens Boots Alliance, Inc., Form 8-K (filed Oct. 29, 2015) (containing merger agreement)

Walgreens Boots Alliance, Inc., Form 10-K (filed Oct. 28, 2015, for the fiscal year ending August 31, 2015) (excerpts)

Rite Aid Corp., Form 10-K (filed Apr. 25, 2016,for the fiscal year ending Feb. 27, 2016) (excerpts)

Walgreens Boots Alliance, Inc., Investor Roadshow Materials (November 2015) (excerpt)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance and Rite Aid Receive Second Request from FTC under HSR Act (Dec. 11, 2015)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance Provides Update on its Pending Acquisition of Rite Aid (Sept. 8, 2016)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance and Rite Aid Announce Extension of Merger Agreement End Date (Oct. 20, 2016)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance and Rite Aid Reach Agreement to Sell 865 Rite Aid Stores to Fred’s Pharmacy (Dec. 20, 2016)

Fred's, Inc., Form 8-K (filed Dec. 20, 2016) (announcing agreement with Walgreens)

Fred's, Inc., Form 8-K (filed Dec. 27, 2016) (amendments to charter, bylaws, and rights agreement)

Fred's, Inc. Form 10-K (filed Apr. 13, 2017, for the fiscal year ending December 31, 2016) (excerpts)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance and Rite Aid Enter into Amendment and Extension to Merger Agreement (Jan. 30, 2017)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance and Rite Aid Certify Substantial Compliance with Second Request (May 8, 2017)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance Enters into Agreement with Rite Aid to Buy 2,186 Rite Aid Stores and Related Assets (June 29, 2017)

Fred's, Inc., Press Release, Fred’s Pharmacy Comments on Termination of Walgreens-Rite Aid Merger and Related Agreement with Fred’s (June 29, 2017)

Fed. Trade Comm'n, News Release, Statement of the Acting Director of FTC’s Bureau of Competition Regarding the Walgreens/Rite Aid Transaction (June 29, 2017)

Walgreens Boots Alliance, Inc., Form 8-K (filed Aug. 16, 2017) (reporting that the HSR filings submitted on July 17, 2017, were pulled on August 16, 2017, and that a refiling is submitted by August 18, 2017, the waiting period under the HSR Act with respect to the refiling would be scheduled to expire on September 18, 2017, unless otherwise extended or terminated)

Walgreens Boots Alliance, Inc., Press Release, Walgreens Boots Alliance Secures Regulatory Clearance for Purchase of Stores and Related Assets from Rite Aid (Sept. 19, 2017)

Rite Aid Corp., News Rlelease, Rite Aid Secures Regulatory Clearance to Sell 1,932 Stores and Related Assets for $4.375 Billion to Walgreens Boots Alliance Under Amended and Restated Agreement (Sept. 19, 2017)

Commentary

± Michael J. de la Merced & Hiroko Tabuchi, Walgreens to Buy Rite Aid for $9.4 Billion, N.Y. Times DealB%k (Oct. 27, 2015)

± Dana Mattioli,Michael Siconolfi & Dana Cimilluca, Walgreens, Rite Aid Unite to Create Drugstore Giant, WSJ.com (Oct. 27, 2015)

± Paul Ziobro, Walgreens-Rite Aid Deal Tests Regulators’ Appetite for Mergers, WSJ.com (Oct. 28, 2015)

± Michael Johnsen, WBA To Divest As Many As 1,000 Stores To Secure Rite Aid Deal Approval, Drug Stores News.com (Oct. 30, 2015)

± Phil Wahba, Walgreens-Rite Aid Deal Could Lead to Elimination of 3,000 Stores, Fortune (Nov. 5, 2015)

± Michael Johnsen, Credit Suisse: WBA, Rite Aid Deal Doable with Fewer than 1,000 Store Divestitures, Drug Stores News.com (Nov. 6, 2015)

± Paul Ziobro & Brent Kendall, Walgreens, Rite Aid Find Unlikely Buyer for 865 Stores, WSJ.com (Dec. 20, 2016)

± David McLaughlin, , Robert Langreth & Sara Forden, Walgreens Faces U.S. Antitrust Concerns Over Rite Aid Fix, Bloomberg.com (Jan. 30, 2017)

± Michael J. de la Merced, Walgreens and Rite Aid Cut Price of Merger, N.Y. Times DealB%k (Jan. 30, 2017)

± , Walgreens Said Ready to Sell More Assets to Win Rite Aid Nod, Chi. Trib. (Mar. 15, 2017)

± Michael J. de la Merced, Walgreens Calls Off Deal to Buy Rite Aid, N.Y. Times DealB%k (June 29, 2017)

± Cynthia Koons & Robert Langreth, Walgreens Gets Bigger While Rite Aid, Fred's Pick Up the Pieces, Bloomberg.com (June 29, 2017)

Industry background

± Walgreens, Store Count by State (as of August 31, 2016)

± Corey Stern, CVS and Walgreens Are Completely Dominating the US Drugstore Industry, BusinessInsider.com (July 29, 2015)

 

Albertson's/Safeway
(FTC 2015)

FTC consent order

In re Cerberus Institutional Partners V, L.P., Dkt. No. C-4504 (F.T.C. filed Jan. 27, 2015) (FTC news release)

Agreement Containing Consent Order (Jan. 27, 2015)
Decision and Order [Public Record Version] (Jan. 27, 2015) (filed, not issued)
Order to Maintain Assets (issued Jan. 27, 2015)
Analysis of Proposed Consent Order to Aid Public Comment (Jan. 27, 2015)

Decison and Order (issued July 2, 2015) (final) (FTC news release) (requiring, among other thingss, that 146 Albertson's and safeway stores be divested to Haggen Holding, Inc.)

Letters to commenters

Haggen complaint

Complaint, Haggen Holdings, LLC v. Albertson’s LLC, No. 1:2015-cv-00768 (D. Del. filed Sept. 1, 2015)

Docket sheet (downloaded Feb. 12, 2016)

± Peg Brickley, Albertsons Settles Litigation over Haggen Troubles, WSJ.com (Jan. 22, 2016)

± Albertsons Settles Haggen's $1B lawsuit, but for only $5.75M, Seattle times.com (Jan. 22, 2016)

Dollar General/Dollar Tree/Family Dollar
(FTC 2014)

Dollar Tree, Inc. & Family Dollar Stores, Inc., Press Release, Dollar Tree, Inc. To Acquire Family Dollar Stores, Inc. To Create North America's Leading Discount Retailer (July 28, 2014)

Dollar General Corp. Press Release, Dollar General Makes Proposal to Acquire Family Dollar for $78.50 Per Share (Aug. 18, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Confirms Receipt Of Unsolicited Proposal From Dollar General (Aug. 18, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Board Of Directors Rejects Proposal From Dollar General Based On Antitrust Issues (Aug. 21, 2014)

Dollar General Corp. Press Release, Dollar General Enhances Proposal to Acquire Family Dollar (Sept. 2, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Confirms Receipt of Revised Unsolicited Proposal from Dollar General (Sept. 2, 2014)

Dollar Tree, Inc., Press Release, Dollar Tree Makes Commitment To Divest As Many Stores As Required For Antitrust Approval (Sept. 5, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Board of Directors Rejects Revised Proposal from Dollar General Based on Antitrust Issues (Sept. 5, 2014)

Dollar Tree, Inc., Press Release, Dollar Tree and Family Dollar Receive Second Request From FTC Under HSR Act (Sept. 9, 2014)

Dollar General Corp. Press Release, Dollar General Commences Cash Tender Offer to Acquire Family Dollar At $80 Per Share (Sept. 10, 2014)

Dollar General Tender Offer

Family Dollar Stores, Inc., Press Release, Family Dollar Statement on Dollar General Unsolicited Conditional Tender Offer (Spet. 10, 2014)

Dollar General Corp. Press Release, Dollar General Remains Committed to Acquisition of Family Dollar (Sept. 17, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Board of Directors Rejects Dollar General’s Illusory Tender Offer (Sept. 17, 2014)

Dollar General Corp. Press Release, Dollar General Extends Tender Offer to Acquire Family Dollar to October 31, 2014 (Oct. 1, 2014)

Dollar General Tender Offer

Dollar General Corp. Press Release, Dollar General Receives Second Request from FTC, as Expected, Regarding Proposed Acquisition of Family Dollar (Oct. 10, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Sets October 30 as Record Date for Special Meeting of Stockholders to Approve Dollar Tree Transaction (Oct. 20, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Certifies Substantial Compliance With FTC’s Second Requests (Oct. 21, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Announces Mailing of Definitive Proxy Statement/Prospectus and Proxy Cards for December 11 Special Meeting (Oct. 28, 2014)

Dollar General Corp. Press Release, Dollar General Extends Tender Offer to Acquire Family Dollar to December 31, 2014 (Oct. 31, 2014)

Dollar Tree, Inc., Press Release, Dollar Tree Certifies Substantial Compliance with FTC’s Second Request under HSR Act (Nov. 7, 2014)

Note: Dollar Tree and Family Dollar have agreed not to close the proposed merger prior to December 30, 2014, unless the FTC completes its review of the proposed merger and terminates the waiting period at an earlier date.

Family Dollar Stores, Inc., Press Release, Family Dollar Reschedules Special Meeting of Shareholders to December 23 to Permit Additional Disclosure Regarding FTC Review (Nov. 19, 2014)

Dollar Tree, Inc., Press Release, Dollar Tree Provides Update on FTC's Review of its Pending Acquisition of Family Dollar (Dec. 5, 2014)

Dollar General Corp. Press Release, Dollar General Remains Actively Engaged in FTC Regulatory Review Process (Dec. 19, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Adjourns Special Meeting of Stockholders to January 22, 2015 (Dec. 23, 2014)

Family Dollar Stores, Inc., Press Release, Family Dollar Issues Open Letter to Stockholders (Jan. 12, 2015)

Dollar Tree, Inc., Press Release, Dollar Tree Reports Progress On FTC's Review Of Its Pending Acquisition of Family Dollar (Jan. 12, 2015)

Dollar General Corp. Press Release, Dollar General Provides Update on FTC Review of Its Proposed Acquisition of Family Dollar (Jan. 15, 2015)

Family Dollar Stores, Inc., Press Release, Family Dollar Stockholders Approve Dollar Tree Merger (Jan. 22, 2015)

Dollar Tree, Inc., Press Release, Dollar Tree Comments on Outcome of Family Dollar Shareholder Vote (Jan. 22, 2015)

Dollar General Corp. Press Release, Dollar General Announces Rick Dreiling Will Continue as Chairman and CEO (Jan. 22, 2015)

Dollar Tree, Inc., Press Release, Dollar Tree, Inc. Reaches Agreement to Sell 330 Family Dollar Stores to Sycamore Partners Contingent on Completion of Family Dollar Merger (May 29, 2015)

FTC consent order

Complaint (July 2, 2015) (FTC news release)

Agreement Containing Consent Orders (July 2, 2015)

Decision and Order (July 2, 2015)

Schedule A

Order To Maintain Assets (July 2, 2015)

Analysis of Agreement Containing Consent Orders To Aid Public Comment (July 2, 2015)

Statement of the Federal Trade Commission (July 13, 2015)

Statement of Commissioner Joshua D. Wright Dissenting in Part and Concurring in Part (July 13, 2016)

Federal Register notice (July 20, 2015)

Decision and Order (Sept. 15, 2015) (giving final approval to the consent order) (FTC news release)

Schedule A

Application for Approval of Proposed Sale of Dollar Express Assets and Request for Expedited Treatment (Mar. 30, 2017) (FTC news release)

Commission Letter Approving Application Filed by Sycamore Partners II, L.P. To Permit Dollar Express To Sell and Assign Stores and Leases To Dollar General Corporation. (Apr. 27, 2017)

See Dollar General Corp., Investor Presentation, Invest for Growth: 2020 Vision (Mar. 24, 2016)

 

States' complaint

Complaint, Florida v. Dollar Tree, Inc., No. 1:15-cv-01052 (D.D.C. filed July 2, 2015) (alleging for 17 states that Dollar Tree' acquisition of Family Dollar would violate federal and state antitrust law)

Docket sheet (downloaded Apr. 29, 2017)

Final Consent Judgment (Aug. 24, 2015)

Nielsen/Arbitron
(FTC 2013)

Complaint, In re Nielsen Holdings N.V., No. C-____ (FTC filed Sept. 20, 2013)

Agreement Containing Consent Order (Sept. 20, 2013)
Decision and Order [Redacted Public Version] (Sept. 20, 2013)
Monitor Agreement [Redacted Public Version] (Sept. 20, 2013)
Analysis of Agreement Containing Consent Order To Aid Public Comment (Sept. 20, 2013)

Statement of the Commission (Sept. 20, 2013)
Dissenting Statement of Commissioner Wright (Sept. 20, 2013)

Federal Register notice (Sept. 27, 2013)

± FTC web page

Pinnacle/Ameristar
(FTC 2013)

Complaint, In re Pinnacle Entertainment, Inc., No. 9355 (FTC filed May 29, 2013) (± FTC news release)

Agreement Containing Consent Order (Aug. 12, 2013)
Decision and Order [Redacted Public Version] (Aug. 12, 2013) (± FTC news release)
Order to Hold Separate and Maintain Assets (Public Record Version) (Aug. 12, 2013)
Analysis of Agreement Containing Consent Order To Aid Public Comment (Aug. 12, 2013)

Federal Register Notice (Aug. 19, 2013)

Application for Approval of Divestiture of The Ameristar Louisiana Assets [Redacted Public Version] (Aug. 30, 2013; redacted version filed Sept. 10, 2013) (± FTC news release)

Application For Approval of Divestiture of The Lumiere Assets [Redacted Public Version] (Sept. 19, 2013) (± FTC news release)

± FTC web page

Hertz/Dollar Thrifty

Background

Research and Markets, Press Release, Global Car Rental Market Report 2010 Edition Reveals the Global Car Rental Volume & Demand Experienced a Steep Decline in 2009 (Oct. 1, 2011)

± Auto Rental News, Rental car market shares and other statistics, 2000-2016

Hertz Global Holdings, Inc., Form 10-K

± For the Fiscal Year Ended December 31, 2006 (filed Mar. 30, 2007)

± Gulliver, The Recession Hits Car Rental Companies, Economist.com (Jan. 3, 2009)

± David Leonhardt, The Start of a Crisis, through the Lens of Avis, NYTimes.com (Mar. 24, 2009)

± Hertz Wins $30.3M Bid for Advantage Assets, AutoRentalNews.com (Apr. 1, 2009).

± Dave Rhea, The Fall and Rise of Dollar Thrifty Automotive Group, JournalRecord.com (June 16, 2011)

± Justin Bachman, Car Rental Companies Discover Mergers, and You're Going to Pay for It. Bloomberg.com (May 25, 2016)

± Ronald Barusch, WSJ M&A 101: A Guide to Merger Agreements, WSJ.com Deal Journal (Sept. 30, 2010)

± Ronald Barusch, WSJ M&A 101: Guide to Mergers, Part 2: Deal Protections, WSJ.com Deal Journal (Nov. 15, 2010)

± Ronald Barusch, WSJ M&A 101: Reverse Termination Fees and ‘Social Issues’, WSJ.com Deal Journal (Nov. 15, 2010)

 

Transaction

Hertz Corp. News Release, Hertz Signs Definitive Agreement to Acquire Dollar Thrifty (Apr. 26, 2010)

Hertz Global Holdings, Inc., Hertz Acquires Dollar Thrifty (Apr. 26, 2010) (investor presentation)

Agreement and Plan of Merger by and among Hertz Global Holdings, Inc. HDTMS, Inc. and Dollar Thrifty Automotive Group, Inc. (Apr. 25, 2010)

Letter from Scott L. Thompson, Chief Executive Officer and President of Dollar Thrifty Automotive Group, Inc. to Dollar Thrifty employees re recent developments (May 3, 2010)

Dollar Thrifty Automotive Group, Inc., Talking Points (Form 425, Apr. 26, 2010)

Hertz Global Holdings, Inc., Form 10-K for the fiscal year ending Deccember 31, 2010 (excerpt of business section)

Avis Budget Group, New Release, Avis Budget Group Sends Letter to Dollar Thrifty Automotive Group Regarding Proposed Transaction with Hertz Global Holdings (May 3, 2010)

Avis Budget Group, Inc., Form 10-K for the fiscal year ending Deccember 31, 2010 (excerpt of business section)

± Avis May Try to Top Hertz’s Bid for Dollar Thrifty, NYTimes.com DealB%k (May 3, 2010)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Automotive Group Comments on Avis Budget Group Letter (May 4, 2010)

Dollar Thrifty Automotive Group, Inc., Form 10-K for the fiscal year ending December 31, 2010 (excerpt of business section)

Avis Budget Group, New Release, Avis Budget Group Files for Antitrust Approval of Potential Acquisition of Dollar Thrifty Automotive Group (May 13, 2010)

Hertz Corp. News Release, Hertz Files for Antitrust Approval of Its Agreement to Acquire Dollar Thrifty Group (May 14, 2010)

Avis Budget Group, New Release, Avis Budget Group Receives Request for Additional Information from FTC Regarding Potential Acquisition of Dollar Thrifty (June 15, 2010)

Avis Budget Group., News Release, Avis Budget Group Submits Bid for Dollar Thrifty Automotive Group (July 28, 2010)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Receives Unsolicited Offer from Avis Budget Group (July 28, 2010)

± Steven Davidoff Solomon, Avis Goes to War for Dollar Thrifty, NYTimes.com DealB%k (July 29, 2010)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Update on Avis Budget Proposal (Aug. 3, 2010).

Hertz Corp. News Release, Hertz Releases Analysis of Anti-Trust Risk in Dollar Thrifty Acquisition (Aug. 31, 2010)

Hertz Corp., Dollar Thrifty Transaction Update (Aug. 31, 2010)

Avis Budget Group, New Release, Avis Budget Increases Premium Offer for Dollar Thrifty and Sets the Record Straight on Antitrust (Sept. 2, 2010)

Memorandum Opinion, In re Dollar Thrift Sharholder Litig., Cons. C.A. No. 5458-VCS (Del. Ch. Sept. 8, 2010)

Hertz Corp., News Release, Hertz and Dollar Thrifty Agree to $50 per Share Offer (Sept. 10, 2010)

Hertz Global Holdings, Inc., Letter to Hertz employees (Sept. 13, 2010)

± Michael J. de la Merced, Hertz and Dollar Thrifty Agree to New $1.43 Billion Deal, NYTimes.com DealB%k (Sept. 12, 2010)

Avis Budget Group, Inc., Press Release, Avis Budget Increases Its Offer for Dollar Thrifty (Sept. 23, 2010)

Hertz Corp., News Release, Hertz Affirms Agreement Price Is "Best and Final" (Sept. 24, 2010)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Affirms Recommendation of Hertz Merger (Sept. 27, 2010) (and rejecting Avis bid)

Letter from Scott L. Thompson, Chief Executive Officer and President of Dollar Thrifty Automotive Group, Inc. to Dollar Thrifty employees re rejection of Avis bid (Sept. 27, 2010)

Avis Budget Group, New Release, Avis Budget Group Announces Commitment to Launch Exchange Offer for Dollar Thrifty Shares (Sept. 27, 2010)

Hertz Corp., News Release, Hertz Affirms Deal Certainty as Avis Concedes Antitrust Hurdle (Sept. 28, 2010)

Hertz Corp., News Release, Hertz Discloses Dollar Thrifty Stockholder Strategy (Sept. 29, 2010)

Avis Budget Group, New Release, Avis Budget Group Responds to Hertz’s “Dollar Thrifty Stockholder Strategy” (Sept. 29, 2010)

± Ronald Barusch, Could Dollar Thrifty Get a Higher Price? Here’s One Way How, WSJ.com Deal Journal (Sept. 29, 2010)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Announces Results of Special Meeting of Shareholders (Sept. 30, 2010) (rejecting Hertz offer)

± Ronald Barusch, What’s The Next Move For Dollar Thrifty?, WSJ.com Deal Journal (Sept. 30, 2010)

Hertz Corp., News Release, Hertz Comments on Dollar Thrifty Vote (Sept. 30, 2010)

Hertz Global Holdings, Inc., Form RW—Registration Withdrawal Request (Oct. 5, 2010) (withdrawal of Registration Statement on Form S-4)

Avis Budget Group, New Release, Avis Budget Reaffirms Its Commitment to Pursue the Acquisition of Dollar Thrifty (Sept. 30, 2010)

± Ronald Barusch, On the Other Hand, Avis Isn’t Doing Much to Help the Dollar Thrifty Board, WSJ.com Deal Journal (Sept. 30, 2010)

± Ronald Barusch, Five Lessons from the Dollar Thrifty Battle Royale, WSJ.com Deal Journal (Oct. 1, 2010)

Avis Budget Group & Dollar Thrifty Automotive Group, Inc., News Release, Avis Budget Group and Dollar Thrifty Automotive Group Agree To Cooperate in Seeking Regulatory Approval (Oct. 5, 2010)

± Steven Davidoff Solomon, So Where Does Dollar Thrifty Go From Here?, NYTimes.com DealB%k (Oct. 5, 2010)

Avis Budget Group, Form 425 (Nov. 4, 2010) (reporting on progress in the FTC review)

± Heidi N. Moore, Beware of the F.T.C., NYTimes.com DealB%k (Nov. 4, 2010)

Dollar Thrifty Automotive Group, Inc. & Avis Budget Group, Press Release, Dollar Thrifty Automotive Group and Avis Budget Group Provide FTC Update (Jan. 11, 2011)

Avis Budget Group, Form 425 (Feb. 17, 2011) (reporting on progress in the FTC review)

Avis Budget Group, Form 425 (May 4, 2011) (reporting on progress in the FTC review)

Hertz Corp., News Release, Hertz Global Holdings to Hold Conference Call Regarding Proposed Acquisition of Dollar Thrifty (May 9, 2011)

Hertz Corp., Investor Presentation (May 9, 2011)

Hertz Corp., Form 425 (May 9, 2011) (transcript of analyst call)

Hertz Global Holdings, Inc., Form S-4 (filed May 9, 2011)

Letter from Mark P. Frissora, Chairman of the Board and Chief Executive Officer, Hertz Global Holdings, Inc. to Hertz employees (May 9, 2011)

Dollar Thrifty Automotive Group, Inc., News Release, Hertz Proposes Acquisition of Dollar Thrifty: Offer Represents Superior Value and Significant Premium to Avis Budget’s Hypothetical Offer (May 9, 2011)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Board of Directors to Review Proposed Exchange Offer from Hertz Global Holdings (May 9. 2011)

Letter from Scott L. Thompson, Chief Executive Officer and President of Dollar Thrifty Automotive Group, Inc. to Dollar Thrifty employees (May 9, 2011)

± Chris V. Nicholson, Hertz Makes $2.24 Billion Bid for Dollar Thrifty, NYTimes.com DealB%k (May 9, 2011)

± Steven Davidoff Solomon, Is Hertz’s Dollar Thrifty Deal Too Good – for Hertz?, NYTimes.com DealB%k (May 11, 2011)

Hertz Corp., News Release, Hertz and Dollar Thrifty Agree to Cooperate in Pursuit of FTC Clearance (May 12, 2011)

Letter from Scott L. Thompson, Chief Executive Officer and President of Dollar Thrifty Automotive Group, Inc. to Dollar Thrifty employees re FTC cooperation (May 13, 2011)

Hertz Corp., News Release, Hertz Commences Exchange Offer for Dollar Thrifty (May 24, 2011)

Dollar Thrifty Automotive Group, Inc., Press Release, Dollar Thrifty Automotive Group Recommends Shareholders Take No Action Regarding Hertz Exchange Offer (June 6, 2011)

Dollar Thrifty Automotive Group, Inc., Schedule 14D-9 (June 6, 2011) (recommending against Hertz offer)

± Mickey Meec, The Courtship of Dollar Thrifty, NYTimes.com (June 13, 2011)

Hertz Corp., News Release, Hertz Extends Exchange Offer to Acquire Dollar Thrifty (July 11, 2011)

± Hertz Extends Offer for Dollar Thrifty, NYTimes.com DealB%k (July 11, 2011)

Hertz Corp., News Release, Hertz Files Hart-Scott-Rodino Notification (July 14, 2011)

Hertz Corp., News Release, Hertz Extends Exchange Offer to Acquire Dollar Thrifty (Aug. 5, 2011)

Hertz Corp., News Release, Hertz Receives Request for Additional Information from FTC Regarding Proposed Acquisition of Dollar Thrifty (Aug. 15, 2011)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Sends Letter to Hertz and Avis Advising of Intent to Solicit Best and Final Proposals (Aug. 21, 2011)

Dollar Thrifty Automotive Group, Inc., Schedule 14D-9 (Amendment No. 1) (Aug. 22, 2011)

± Michael J. de la Merced, Dollar Thrifty Asks for ‘Best and Final’ Takeover Bids, NYTimes.com DealB%k (Aug. 21, 2011)

Dollar Thrifty Automotive Group, Inc., Schedule 14D-9 (Amendment No. 2) (Sept. 7, 2011)

Ex. (a)(7) Letter from DTG to Hertz (Sept. 6, 2011)
Ex. (a)(8) Letter from DTG to Avis Budget (Sept. 6, 2011)

Hertz Corp., News Release, Hertz Extends Exchange Offer to Acquire Dollar Thrifty (Sept. 9, 2011)

Avis Budget Group, Inc., Form 8-K (Sept. 14, 2011)

± Evelyn M. Rusli, Avis Abandons Its Bid for Dollar Thrifty, NYTimes.com DealB%k (Sept. 14, 2011)

Dollar Thrifty Automotive Group, Inc., Schedule 14D-9 (Amendment No. 3) (Sept. 27, 2011)

Dollar Thrifty Automotive Group, Inc., News Release, Dollar Thrifty Announces Completion of Solicitation Process (Oct. 11, 2011)

Dollar Thrifty Automotive Group, Inc., Schedule 14D-9 (Amendment No. 4) (Oct. 11, 2011) [INCLUDE THIS]

± Dollar Thrifty Takes Itself Off the Market, NYTimes.com DealB%k (Oct. 11, 2011)

Hertz Corp., News Release, Hertz Withdraws its Exchange Offer to Acquire Dollar Thrifty (Oct. 27, 2011)

± Evelyn M. Rusli, Hertz Withdraws Offer for Dollar Thrifty, NYTimes.com DealB%k (Oct. 27, 2011)

Hertz Global Holdings, Inc. & Dollar Thrifty Automotive Group, Inc., News Release, Hertz and Dollar Thrifty Announce Definitive Merger Agreement (Aug. 26, 2012)

Agreement and Plan of Merger by and among Hertz Global Holdings, Inc. HDTMS, Inc., Dollar Thrifty Automotive Group, Inc. (Aug. 26, 2012) (marked for antitrust-related provisions)

Hertz Dollar Thrifty, Transcript of conference call re proposed merger (Aug. 27, 2012)

Hertz Corp., Investor Presentation, Hertz to Acquire Dollar Thrifty (Aug. 27, 2012) (used during conference call)

Dollar Thrifty Automotive Group, Inc., Internal Messaging Points (Aug. 26, 2012)

Letter from Scott L. Thompson, Chief Executive Officer and President of Dollar Thrifty Automotive Group, Inc. to Dollar Thrifty employees (Aug. 26, 2012)

± Michael J. de la Merced & Peter Lattman, After Long Pursuit, Hertz to Buy Dollar Thrifty for $2.3 Billion, NYTimes.com DealB%k (Aug. 26, 2012)

± Michael J. de la Merced & Peter Lattman, In Dollar Thrifty Deal, Hertz Bets Big on Certainty of Closing, NYTimes.com DealB%k (Aug. 27, 2012)

Hertz Global Holdings, Inc., Offer to Purchase (Sept. 10, 2012)

Dollar Thrifty Automotive Group, Inc., Memorandum dated September 21, 2012, to Dollar Thrifty employees (Sept. 21, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Extends Tender Offer to Acquire Dollar Thrifty (Oct. 5, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Extends Timing Agreement with the FTC Until November 16, 2012 (Oct. 18, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Extends Tender Offer to Acquire Dollar Thrifty (Oct. 22, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Extends Tender Offer To Acquire Dollar Thrifty and Extends Escrow Arrangements For Related Financing (Nov. 5, 2012)

Fed. Trade Comm'n, News Release, FTC Requires Divestitures for Hertz's Proposed $2.3 Billion Acquisition of Dollar Thrifty to Preserve Competition in Airport Car Rental Markets (Nov. 15, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Obtains Ftc Clearance For Dollar Thrifty Acquisition (Nov. 15, 2012)

± Michael J. de la Merced, Hertz Wins F.T.C. Approval of Its Deal for Dollar Thrifty, NYTimes.com DealB%k (Nov. 15, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Announces Expiration of Tender Offer to Acquire Dollar Thrifty (Nov. 16, 2012)

Hertz Global Holdings, Inc., News Release, Hertz Completes Acquisition of Dollar Thrifty (Nov. 20, 2012)

Hertz Global Holdings, Inc., Form 8-K (Nov. 20, 2012)

Exhibit 1. Summary of Divesture Agreement
Exhibit 2. Frequently Asked Questions
Exhibit 3. Investor Presentation

 

FTC proceeding

Complaint, In re Hertz Global Holdings, Inc., No. C-4376 (FTC filed Nov. 15, 2012) (FTC news release)

Agreement Containing Consent Order (Nov. 15, 2012)
Decision and Order (Nov. 15, 2012) (redacted public version)
Order To Maintain Assets (Nov. 15, 2012) (redacted public version)
Analysis of Agreement Containing Consent Orders To Aid Public Comment (Nov. 15, 2012)

Federal Register Notice (Nov. 26, 2012)

Decision and Order (July 11, 2013) (redacted public version) (± FTC news release)
Order To Maintain Assets (July 11, 2013) (redacted public version)

Letter to Counsel for Hertz Global Holdings, Inc., Approving Divestiture of Additional Assets To Be Divested To Adreca (July 10, 2013)
Letter to Commenter Fleischmann (July 10, 2013)
Letter to Commenter Hale (July 10, 2013)
Letter to Commenter Harris (July 10, 2013)
Letter to Commenter Kalil (July 10, 2013)
Letter to Commenter Mount (July 10, 2013)
Letter to Commenter Redford (July 10, 2013)

± FTC web site

Commentary on deal

± Mark Clothier, David Welch & Zachary Mider, Hertz Buying Dollar Thrifty for $2.6 Billion in Cash, Bloomberg.com, Aug. 27, 2012.

± Gary Stoller, Hertz buying Dollar Thrifty for about $2.3 billion, USAToday.com, Aug. 28, 2012 (contains some market share information and a chart of recent consolidations)

± Auto Rental News, Market Data [U.S. Rental Car Market) (2011)

 

The bankruptcy of the divestiture buyer

Franchise Services of North America Inc., Press Release, Franchise Services of North America Inc. Announces Bankruptcy Filing by Simply Wheelz LLC (Nov. 4, 2013)

Franchise Services of North America Inc., Press Release, Franchise Services of North America Inc. Announces that Simply Wheelz LLLC Has Filed for Federal Bankruptcy Protection (Nov. 5, 2013)

Declaration of Thomas P. McDonnell, III, in Support of Debtor's Chapter 11 Petition and First Day Motions, In re Simply Wheelz d/b/a Advantage Rent-A-Car, No. 13-03332, Chapter 11 (Bankr. S.D. Miss. filed Nov. 6, 2013).

Franchise Services of North America Inc., Press Release, Franchise Services of North America Inc. Provides Update on Simply Wheelz LLC Bankruptcy Proceedings (Nov. 8, 2013)

± Advantage to file for bankruptcy as Hertz cuts car supply, Reuters.com, Nov. 5, 2013.

± Chris Brown, Advantage Bankruptcy: What We Know Right Now, Auto Rental News.com, Nov. 13, 2013.

± David McLaughlin, Mark Clothier & Sara Forden, Hertz Fix in Dollar Thrifty Deal Fails as Insider Warned, BloombergBusiness.com, Nov. 29, 2013.

± Brent Kendall & Jacqueline Palank, How the FTC's Hertz Antitrust Fix Went Flat, Wall St. J., Dec. 8, 2013.

± Jacqueline Palank, Hertz, Advantage Rent a Car Reach Settlement, Wall St. J., Dec. 10, 2013.

Subsequent FTC proceedings

See ± Katy Stech, Bankruptcy Judge Approves Advantage Rent a Car Sale to Catalyst, Wall St. J. (Jan. 3, 2014)

± Franchise Services of North America, News Release, Franchise Services of North America announces court approval of Advantage asset sale to Catalyst and officer departure (Jan. 6, 2013) (also noting that it operates Advantage car rental brand at 72 corporate locations in 33 states)

± Thirty Advantage Locations to Close, Reports FSNA, Auto Rental News.com, Jan. 24, 2014.

Petition for Prior Approval of the Sale of Simply Wheelz (Doing Business As Advantage Rent-A-Car) to The Capital Catalyst Group, Inc., Filed by Franchise Services of North America, Inc. (Jan. 7, 2014) (FTC news release)

Public Exhibit A: Notice of Filing of Settlement Agreement among the Debtor, the Hertz Corporation and Other Parties (Bankr. S.D. Miss. filed Dec. 16, 2013) (including settlement agreement)

Public Exhibit B: Asset Purchase Agreement By and Among The Catalyst Capital Group Inc., as the Purchaser; Simply Wheelz LLC d/b/a Advantage Rent A Car as the Seller; and Franchise Services of North America, Inc. (dated as of (Dec. 16, 2013)

Commission Letter Approving the Petition (Jan. 30, 2014) (approving sale of cetain assets held by Simply Wheelz (an FSNA subsidiary) to the Catalyst Capital Group Inc. )

Petition of Franchise Services of North America, Inc. for Prior Approval of the Sale of the Non-Transferred Locations (Apr. 10, 2014) (FTC news release—issued Apr. 17, 2014) (to sell 12 closed Advantaged sites to Avis and 10 closed Advantage site to Hertz, leaving FSNA with six closed Advantaged sites)

Commission Letter Approving Petition Filed by Franchise Services of North America To Approve the Sale and Assignment of Ten Closed Advantage Locations To Hertz Global Holdings, Inc., and of Twelve Closed Advantage Locations To Avis Budget Group (May 29, 2014)

Petition of Franchise Services of North America, Inc. for Prior Approval of the Sale of the Portland and San Jose Locations (July 8, 2014)

Commission Letter Approving Petition Filed by Franchise Services of North America For Prior Approval of the Sale and Assignment of One Closed Advantage Location- In San Jose, California-- to Sixt Rent-A-Car, LLC, and the Sale and Assignment of One Closed Advantage Location--In Portland, Oregon--To Avis Budget Group (Sept. 2, 2014)

Western Digital/Hitachi
(FTC 2012)

Complaint, In re Western Digital Corp., No. C-4350 (FTC filed Mar. 5, 2012) (± FTC news release)

Agreement Containing Consent Order (Mar. 5, 2012)
Decision and Order [Redacted Public Version] (Mar. 5, 2012) (provisional acceptance of consent order)
Statement of the Commission (Mar. 5, 2012)
Analysis to Aid Public Comment (Mar. 5, 2012)

Federal Register notice (Mar. 12, 2013)

Decision and Order [Redacted Public Version] (May 9, 2013)(± News Release)
Order To Maintain Assets (May 9, 2013)
Statement of the Commission (May 9, 2013)
Letter to Commenter Cary [Counsel For the Respondent] (May 9, 2013) (describing the Modifications In the Decision and Order)

± FTC web page

Cardinal Health/Biotech
(FTC 2011)

Complaint, In re Cardinal Health, Inc., No. C-4339 (FTC filed July 21, 2011) (news release)

Agreement Containing Consent Order (July 21, 2011)
Decision and Order [Redacted Public Version] (July 21, 2011) (provisional acceptance of consent order)
Analysis to Aid Public Comment (July 21, 2011)

Federal Register notice (July 27, 2011)

Decision and Order (Oct. 21, 2011) (final acceptance of consent order)

Letter to Commenter Virginia Shareholder (Oct. 18, 2011)

Petition of Cardinal Health, Inc. for Approval of Proposed Divestiture (Feb. 24, 2012)

Commission Letter (Apr. 18, 2012) (approving proposed divestiture of three former Cardinal nuclear pharmacies to Patient Care Infusion, LLC)

± FTC web page

Hearst Trust
(FTC 2001)

Final Order and Stipulated Permanent Injunction, FTC v. Hearst Trust, Civ. No.1:01CV00734 (D.D.C. Dec. 14, 2001) (consent settlement providing for divestiture of certain acquired assets and for $16 million in disgorgement of profits)

Statement of Commissioners Sheila F. Anthony and Mozelle W. Thompson
Statement of Commissioner Orson Swindle
Statement of Commissioner Thomas B. Leary Concurring in Part and Dissenting in Part
FTC News Release

Complaint
± FTC web page

See In re First Databank Antitrust Litig., 209 F. Supp. 2d 96 (D.D.C. 2002) (holding, on FTC's objection to fee petition, that class counsel in follow-on action was entitled to fees only in respect of value created by counsel over and above that created by the FTC in its investigation and settlement)

Jo Seldeslachts, Joseph A. Clougherty & Pedro Pita Barros, Settle for Now but Block for Tomorrow: The Deterrence Effects of Merger Policy Tools, 52 J. L. & Econ. 607 (2009).

 

12. Nonhorizontal mergers

14. Merger litigation