Merger Antitrust Law (2020)

Dale Collins
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 2020 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 1.0 (revised August 6, 2010)--SUBJECT TO REVISION BEFORE CLASSES BEGINS

Required Reading
Comments and Optional Reading

Unit 1

Introduction to Merger Antitrust Law: Substance and Process


Class 1

Tuesday, September 1


Memorandum introducing the course

Class schedule

Using Zoom for class

Class 1 reading guidance

Unit 1 reading materials

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

Class 1 homework assignment

Antitrust Law: Hornbooks and Other Antitrust Study Aids

Demand curves and consumer surplus (YouTube videos):

Marginal Revolution University, The Demand Curve

Marginal Revolution University, A Deeper Look at the Demand Curve

Marginal Revolution University, What Is Deadweight Loss?



Unit 2

Predicting Merger Antitrust Enforcement Challenges


Class 2

Thursday, September 3

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

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

Evolution of the Merger Guidelines


Unit 3

The DOJ/FTC Merger Review Process

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

Class 3

Tuesday, September 8


Class 3 reading guidance

Unit 3 reading materials

The DOJ/FTC Merger Review Process (class notes)

Class 3 homework assignment


Premerger notification

Hart-Scott-Rodino Act, Clayton Act § 7A, 18 U.S.C. § 18a (Premerger notification and waiting period)

HSR form instructions (June 7, 2019)

Second request investigations

DOJ Model Second Request (Nov. 28, 2016)

FTC Model Second Request (August 2015)

Other supplemental materials

± FTC Merger Review web page

± DOJ Merger Enforcement web page

DOJ and FTC, Annual Report to Congress for Fiscal Year 2018

Makan Delrahim, It Takes Two:Modernizing the Merger Review Process, Prepared Remarks Before the 2018 Global Antitrust Enforcement Symposium, Washington, DC (Sept. 25, 2018)

Case study for homework assignment

Albertsons/Safeway case study (complete)

Unit 4

Merger Antitrust Litigation and Settlements

For additional supplemental materials, see 14. Merger Antitrust Litigation and 15. DOJ/FTC Merger Review and Settlement Procedures in AppliedAntitrust.com

Class 4

Thursday, September 10




Class 4 reading guidance

Unit 4 reading materials

Unit 4A. Merger Antitrust Litigation (class notes)
Unit 4B. Merger Antitrust Settlements (class notes)

There is no homework assignment for this class


The Course of Litigation: EnergySolutions’ Acquisition of Waste Control Specialists (Nov. 16, 2016)

Albertsons/Safeway case study (complete)
TransDigm/Takata case study (complete)

Agency materials: FTC

Fed. Trade Comm'n, The FTC’s Merger Remedies 2006-2012: A Report of the Bureaus of Competition and Economics (Jan. 2017) (FTC news release)

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

Fed. Trade Comm'n, Bur. of Competition, Frequently Asked Questions About Merger Consent Order Provisions (downloaded August 8, 2019)

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)

Agency materials: DOJ

Makan Delrahim,Ass't Att'y Gen., U.S. Dep't f Justice, Antitrust Div., Improving the Antitrust Consensus, Prepared Remarks Before the New York State Bar Association Antitrust Section, New York, NY (Jan. 25, 2018)

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)

Other materials

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

Unit 5

Hertz/Avis Budget/Dollar Thrifty


Class 5

Tuesday, September 15

The 2010 Hertz/Dollar Thrifty deal





Class 6

Thursday, September 17

Antitrust considerations and the merger agreement

The bidding war with Avis
FTC review and settlement




Unit 6

A Case Study Problem: Atlanta Newspaper Merger


Class 7

Tuesday, September 22






Unit 7

Competition Economics


Class 8

Thursday, September 25

Part 1. Demand, Costs, and Profit-Maximization




Class 9

Tuesday, September 29

Part 2. Markets and Market Equilibria






Wednesday, September 30

Optional economics review session


Unit 8

Sanford Health/Mid Dakota Clinic


Class 10

Thursday, October 17

Analysis of the Eight Circuit's opinion

Institutional setting

Relevant product markets

Relevant geographic markets

The PNB presumption





Class 11

Tuesday, October 6

Analysis of the Eight Circuit's opinion

Power buyers defense

Entry defense

Efficiencies defense



Unit 9

H&R Block/TaxACT


Class 12

Tuesday, October 8

H&R Block/TaxACT

Institutional setting

Market definition



Class 13

Thursday, October 15

Market definition



Class 14

Tuesday, October 20

Coordinated Effects




Class 17

Thursday, October 31

Unilateral effects



Class 18

Tuesday, November 5

Unilateral effects

Efficiencies defense




Wednesday, November 6

Market definition

Optional review session


Class 19

Thursday, November 7

Catchup and review of homework assignment



Unit 11

Sysco/U.S. Foods



Class 20

Tuesday November 12

Analysis of the district court opinion

Targeted customers

Second price auction theory of unilateral effects

Power buyer defense





Wednesday, November 13

Anticompetitive effects

Downward-pricing pressure defenses

Optional review session


Unit 12

Staples/Office Depot


Class 21

Thursday, November 14

Analysis of the district court opinion



Graded Homework Assignment


Posted Friday, November 6

Due Wednesday, November 18



Unit 13

Short Horizontal Cases



Class 22

Tuesday, November 19

Analysis of short case studies

ABI/Grupo Modelo





Class 23

Thursday, November 21

Analysis of short case studies


Energy Solutions/Waste Control Specialists
(failing company defense)

Dollar General/Dollar Tree/Family Dollar


Boston Scientific/CVIS





Unit 14

Potential Competition Mergers


Class 24

Tuesday, November 26



Mallinckrodt (Questcor)/Novartis

Steris/Synergy Health




Unit 15

Vertical Mergers


Class 25

Wednesday, December 4

General Electric/Avio


AT&T/Time Warner


Class 26

Thursday, December 5

AT&T/Time Warner (con't)

Coca-Cola/Coca-Cola Enterprises


Unit 16



Class 26

Thursday, December 3

Analysis of the district court opinion



Final Review Session (optional)


Friday, December 4


Optional review session







Tuesday, December 10 –
Thursday, December 19

Open book
Take home