Dale Collins
Georgetown University Law Center

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11. Horizontal Mergers

13. Merger Review

Reading and class notes
Significant precedents
Elimination of potential competition
Vertical foreclosure
Vertical information conduits
Conglomerate theories
Director and management interlocks
Reference materials
Case studies

Primary Materials

Supplemental Materials

Unit 12 reading

Unit 12 class notes

2020 DOJ/FTC Vertical Merger Guidelines

U.S. Dep't of Justice & Fed. Trade Comm'n, Vertical Merger Guidelines (June 30, 2020)

Dissenting Statement of Commissioner Rohit Chopra (June 30, 2020)

Dissenting Statement of Commissioner Rebecca Kelly Slaughter (June 30, 2020)

Fed. Trade Comm'n, Commentary on Vertical Merger Enforcement (Dec. 2020)

2021 FTC withdrawal

News Release, Fed. Trade Comm'n, Federal Trade Commission Withdraws Vertical Merger Guidelines and Commentary (Sept. 15, 2021)

Statement of Chair Lina M. Khan, Commissioner Rohit Chopra, and Commissioner Rebecca Kelly Slaughter on the Withdrawal of the Vertical Merger Guidelines (Sept. 15, 2021)

Prepared Remarks of Commissioner Rohit Chopra (Sept. 15, 2021)

Dissenting Statement of Commissioners Noah Joshua Phillips and Christine S. Wilson (Sept. 15, 2021)

Oral Remarks of Commissioner Christine S. Wilson (Sept. 15, 2021)

2021 DOJ response

News Release, U.S. Dep't of Justice, Justice Department Issues Statement on the Vertical Merger Guidelines (Sept. 15, 2021)
NB: The statement does not withdraw the DOJ from the 2020 Vertical Merger Guidelines

United States v. E.I. du Pont de Nemours & Co., 353 U.S. 586 (1957) (± Oyez)

Discussed in Unit 9

United States v. El Paso Natural Gas Co., 376 U.S. 651 (1964) (± Oyez)

Federal Power Commission

In re Northwest Natural Gas Co., 13 F.P.C. 221 (June 18, 1954) (authorizing Pacific Northwest Pipeline Corporation to construct and operate a natural gas pipeline from the San Juan Basin to Washington and Oregon)

In re Pacific Northwest Pipeline Corp., 22 F.P.C. 1091 (Dec. 23, 1959) (authorizing El Paso Natural Gas Company to acquire and operate the facilities of Pacific Northwest Pipeline Corporation by a merger of the two corporations), aff'd, California v. FPC, 296 F.2d 348 (D.C. Cir. 1961), rev'd, 369 U.S. 482 (1962) (± Oyez)

In re Pacific Northwest Pipeline Corp., 28 F.P.C. 7 (July 2, 1962) (No. G-13018) (issuing El Paso a temporary certificate to operate the facilities of its Pacific Northwest Division pending the final resolution of the Department of Justice's antitrust challenge)

District court

Complaint, United States v. El Paso Natural Gas Co., No. 143-57 (D. Utah filed July 22, 1957) (Blue Book No. 1354)

United States v. El Paso Natural Gas Co., No. 143-57 (D. Utah Nov. 20, 1962) (finding no violation of Section 7) (reported at 1962 Trade Cas. (CCH) ¶ 70,571)

Supreme Court

rev'd, United States v. El Paso Natural Gas Co., 376 U.S. 651 (1964)

On remand

United States v. El Paso Natural Gas Co., No. 143-57 (D. Utah June 24, 1965) (reported at 1965 Trade Cas. (CCH) ¶ 71,453)

Supreme Court

rev'd sub nom. Cascade Natural Gas Co. v. El Paso Natural Gas Co., 386 US 129 (Feb. 27, 1967) (± Oyez)

On remand

United States v. El Paso Natural Gas Co., No. 143-57 (D. Utah Aug. 29, 1968) (as amended) (reported at 291 F. Supp. 3)

Supreme Court

vacated sub nom. Utah Public Serv. Comm'n v. El Paso Natural Gas Co., 395 U.S. 464 (June 16, 1969)

United States v. El Paso Natural Gas Co., 1972 Trade Cas. (CCH) ¶ 73,975 (D. Colo. June 25, 1971) (as amended July 26, 1971)

United States v. El Paso Natural Gas Co., 358 F. Supp. 820 (D. Colo. June 16, 1972) (updated Aug. 30, 1972)

United States v. El Paso Natural Gas Co., 1972 Trade Cas. (CCH) ¶ 74,135 (D. Colo. Aug. 2, 1972)

United States v. El Paso Natural Gas Co., 1972 Trade Cas. (CCH) ¶ 74,148 (D. Colo. Aug. 30, 1972)

aff'd mem., El Paso Natural Gas Co. v. United States, 410 U.S. 962 (1973)

United States v. El Paso Natural Gas Co., Civ. A. No. C-2626, 1975 WL 1026 (D. Colo. Jan. 3, 1975) (modifying decree)

United States v. Penn-Olin Chemical Co., 378 U.S. 158 (1964) (± Oyez)

District court

Complaint, United States. v. Penn-Olin Chemical Co., Civ. No. 2282 (D. Del. filed Jan. 6, 1961) (Blue Book No. 1583) (as in the case file)

Docket sheet (as copied by NARA)

Opinion, United States. v. Penn-Olin Chemical Co., Civ. No. 2282 (D. Del. May 1, 1963) (reported at 217 F. Supp. 110)

Judgment (May 15, 1963)

Supreme Court

vacated, United States v. Penn-Olin Chemical Co., 378 U.S. 158 (1964)

On remand

Opinion following Remand, United States v. Penn-Olin Chemical Co., Civ. No. 2282  (D. Del. Oct 12, 1965) (reported at 246 F. Supp. 917)

Supreme Court

Brief for the Untied States (Oct. 9, 1967)

Brief for Appellees (Nov. 17, 1967)

Reply Brief by the United States (Dec. 5, 1967)

aff'd by an equally divided Court, United States v. Penn-Olin Co., 389 U.S. 308 (Dec. 11, 1967)

FTC v. Procter & Gamble Co., 386 U.S. 568 (1967) (± Oyez)

FTC

Complaint, In re Procter & Gamble Co., 63 F.T.C. 1465 (filed Sept. 30, 1957) (No. 6901)

Opinion and order (June 15, 1961) (remanding cause to hearing examiner)

Second Initial Decision, In re Procter & Gamble Co., 63 F.T.C. 1465, 1477 (Feb. 28, 1962)

Opinion, In re Procter & Gamble Co., 63 F.T.C. 1465, 1534  ( Nov. 26, 1963) (No. 6901)

Sixth Circuit

Procter & Gamble Co. v. FTC, 358 F.2d 74 (6th Cir. Mar. 18, 1966) (No. 15769)

Supreme Court

Brief for the Federal Trade Commission (Dec. 1, 1966)

Brief for the Respondent (Jan. 10, 1967)

Reply Brief for the Federal Trade Commission (Feb. 1, 1967)

rev'd and remanded, FTC v. Procter & Gamble Co., 386 U.S. 568 (1967)

Ford Motor Co. v. United States, 405 U.S. 562 (1972) (Autolite) (± Oyez)

District Court

Complaint, United States v. Ford Motor Co., Civ. No. 21911 (E.D. Mich. filed Nov. 27, 1961) (Blue Book No. 1634)

United States v. Ford Motor Co., 286 F. Supp. 407 (E.D. Mich. June 7, 1968) 

supplemented, United States v. Ford Motor Co., 315 F. Supp. 372  (E.D. Mich. July 7, 1970)

Final Judgment (Dec. 18, 1970)

Supreme Court

aff'd, Ford Motor Co. v. United States, 405 U.S. 562 (Mar. 29, 1972) (Autolite)

District Court

Modification of final Judgment (Jan. __, 1974)

United States v. Falstaff Brewing Corp., 410 U.S. 526 (1973)

District court

Complaint, United States v. Falstaff Brewing Corp., Civ. No. 3523 (D.R.I. filed July 13, 1965) (Blue Book No. 1859)

United States v. Falstaff Brewing Corp., 332 F. Supp. 970 (D.R.I. Feb. 28, 1971) (finding that the transaction did not violate the Clayton Act)

Supreme Court

Brief for the United States (June 8, 1972)

Brief for Falstaff Brewing Corporation (July 10, 1972)

Reply Brief for the United States (Oct. 1, 1972)

rev'd, United States v. Falstaff Brewing Corp., 410 U.S. 526 (1973)

On remand

United States v. Falstaff Brewing Corp., 383 F. Supp. 1020 (D.R.I. Oct 23, 1974) (Civ. No. 3523)

United States v. Marine Bancorporation, Inc., 418 U.S. 602 (1974) (± Oyez)

Comptroller of the Currency

Annual Report 1971 (summary of the decision approving the merger begins on page 138)

District court

Complaint, United States v. Marine Bancorporation, Civ. A. No. 237-71C2 (W.D. Wash. filed Oct. 22, 1971) (Blue Book No. 2195)

United States v. Marine Bancorporation, Civ. A. No. 237-71C2 , 1973-1 Trade Cas. (CCH) ¶ 74,496 (W.D. Wash. Jan. 31, 1973) (finding that the transaction did not violate the Clayton Act)

Supreme Court

Transcript of Record (Index)

Brief for the United States (Dec. 29, 1973)

Answering Brief of Appellees (Feb. 27, 1974)

Brief for the Comptroller of the Currency (Apr. 8, 1974)

Reply Brief for the United States (Apr. 19, 1974)

aff'd, United States v. Marine Bancorporation, Inc., 418 U.S. 602 (1974)

Elimination of Potential Competition

Nielsen/Arbitron

United States v. Marine Bancorporation, Inc., 418 U.S. 602 (1974) (± Oyez)

United States v. Penn-Olin Chemical Co., 378 U.S. 158 (1964) (± Oyez)

± Nielsen N.V., Press Release, Nielsen to Acquire Arbitron (Dec. 18, 2012)

± Investor Presentation (Dec. 18, 2012)

± Execution Version Agreement and Plan of Merger among Nielsen Holdings N.V., TNC Sub I Corporation and Arbitron Inc. (dated as of Dec. 17, 2012)

Complaint, In re Nielsen Holdings N.V., No. C-4439 (FTC accepted for public comment Sept. 20, 2013) (± FTC news release)

± FTC web page

Decision and Order (Sept. 20, 2013) (Redacted Public Version)

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

Agreement Containing Consent Order (Sept. 20, 2013)

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

Federal Register notice (Sept. 27, 2013)

Application for Approval of Divestiture of Linkmeter Assets and Related Agreements (Jan. 17, 2014) (FTC news release—issued Jan. 24, 2014)

Complaint, In re Nielsen Holdings N.V., No. C-4439 (FTC issued Feb. 24, 2014) (FTC news release)

Decision and Order (Feb. 24, 2014)

Letter to Commenter Yinger (Feb. 24, 2014)

Commission Letter Approving Application Filed by Nielsen Holdings N.V. For Approval of Divestiture of Linkmeter Assets and Related Agreements to comScore Inc. (Mar. 31, 2014)

± Tenneco, Inc. v. FTC, 689 F.2d 346 (2d Cir. 1982)

± United States v. Siemens Corp., 621 F.2d 499 (2d Cir. 1980)

± BOC Int’l, Ltd. v. FTC, 557 F.2d 24 (2d Cir. 1977)

± FTC v. Atl. Richfield Co., 549 F.2d 289 (4th Cir. 1977)

In re Brunswick Corp., 94 F.T.C. 1174 (1979), aff'd in part & mod. in part sub nom. Yamaha Corp. v. FTC, 657 F.2d 971 (8th Cir. 1981).

± J. Thomas Rosch & Darren S. Tucker, Emerging Theories of Competitive Harm in Merger Enforcement, Antitrust Source, Oct. 2011.

± M . Sean Royall & Adam DiVencenzo, Evaluating Mergers Between Potential Competitors Under the New Horizontal Merger Guidelines, Antitrust, Fall 2010.

± Gregory J. Werden & Kristen C. Limarzi, Forward-Looking Merger Analysis and the Superfluous Potential Competition Doctrine, 77 Antitrust L.J. 109 (2010).

± John Kwoka & Evgenia Shumilkina, The Price Effect of Eliminating Potential Competition: Evidence from an Airline Merger (____), final version at 58 J. Indus. Econ. 767 (2010).

John Kwoka, Eliminating Potential Competition, in 2 Issues in Competition Law and Policy 1437 (ABA Section of Antitrust Law 2008).

± Mats A. Bergman, Potential Competition: Theory, Empirical Evidence and Legal Practice (Sept. 9, 2003).

Vertical Foreclosure/Raising Rivals' Costs

Comcast/NBC Universal

United States v. E.I. du Pont de Nemours & Co., 353 U.S. 586 (1957) (± Oyez)

Brown Shoe Co. v. United States, 370 U.S. 294 (1962) (± Oyez)

Ford Motor Co. v. United States, 405 U.S. 562 (1972) (Autolite) (± Oyez)

Comcast Corp. & GE, Press Release, Comcast and GE to Create Leading Entertainment Company (Dec. 3, 2009).

Master Agreement Dated as of December 3, 2009 Among General Electric Company, NBC Universal, Inc., Comcast Corporation and Navy, LLC (Dec. 3, 2009)

General Electric Investor Update: NBCU (Dec. 3, 2009)

Complaint, United States v. Comcast Corp., No. 1:11-cv-00106 (D.D.C. Jan. 18, 2011)

U.S. Dep't of Justice, Antitrust Div., News Release, Justice Department Allows Comcast-NBCU Joint Venture To Proceed with Conditions (Jan. 18, 2011)

Docket sheet (downloaded Mar. 7, 2014)

± DOJ web page

± Comcast NBCUniversal web page

Stipulation and [Proposed] Order (Jan. 18, 2011)

Exhibit A: [Proposed] Final Judgment

Exhibit B: Plaintiff United States' Explanation of Consent Decree Procedures

Competitive Impact Statement (Jan. 18, 2011)

U.S. Dep't of Justice, Press Release, Justice Department Allows Comcast-NBCU Joint Venture to Proceed with Conditions (Jan. 18, 2011)

Notice of Filing of Determinative Document (Jan. 26, 2011)

Stipulation and Order (signed Feb. 22, 2011)

Report and Certification of Compliance with Tunney Act Requirements on Behalf of Defendants Comcast Corporation, General Electric Co., and NBC Universal, Inc. (Apr. 18, 2011)

Plaintiff United States's Response to Public Comments (June 6, 2011)

Public comments

Appendix A (June 6, 2011)
Appendix B (June 6, 2011)
Appendix C (June 6, 2011)
Appendix D (June 6, 2011)
Appendix E (June 6, 2011)
Appendix F (June 6, 2011)
Appendix G (June 6, 2011)
Appendix H (June 6, 2011)

Memorandum Order (Sept. 1, 2011)

Final Judgment (Sept. 1, 2011)

United States' Motion and Supporting Memorandum to Enter Final Judgment (June 29, 2011)

Certificate of Compliance with Provisions of the Antitrust Procedures and Penalties Act (June 29, 2011)

Supplemental Statement of The United States in Support of Entry of the Final Judgment (Aug. 5, 2011)

First Annual Report (Sept. 4, 2012)

Defendants’ Unopposed Joint Motion & Supporting Memorandum To Amend Final Judgment To Exclude Obligations With Respect To General Electric Company (June 4, 2013)

Modified Final Judgment (Aug. 21, 2013)

Second Annual Report (Sept. 3, 2013)

± Memorandum Opinion and Order, In re Comcast Corp., MB Docket No. 10-56 (FCC Jan. 18, 2011)

± Fed. Commc'ns Comm'n, Press Release, FCC Grants Approval of Comcast-NBCU Transaction (Jan. 18, 2011)

± Statement of Commissioner Mignon L. Clyburn

± Joint Concurring Statement of Commissioners Robert M. McDowell and Meredith Attwell Baker

± Dissenting Statement of Commissioner Michael J. Copps

± FCC web page

The Comcast/NBC Universal Merger: What Does the Future Hold for Competition and Consumers?: Hearing Before the Subcomm. on Antitrust, Competition Policy and Consumer Rights of the Sen. Comm. on the Judiciary, 11th Cong. (Feb. 4, 2010) (S. Hrg. 111–976).

Mark Israel & Michael L. Katz, Application of the Commission Staff Model of Vertical Foreclosure to the Proposed Comcast-NBCU Transaction, Report Submitted to the Federal Communications Commission on Behalf of Comcast, General Electric, and NBC Universal (Feb. 26, 2010)

Applicants' Economic Reports (May 4, 2010)

Gregory L. Rosston, An Economic Analysis of the Competitive Benefits from the Comcast NCBU Transaction

Mark Israel & Michael L. Katz, The Comcast/NBCU Transaction and Online Video Distribution (May 4, 2010)

Applicants' Opposition to Petitions to Deny and Response to Comments (June 21, 2010)

Gregory L. Rosston & Michael D. Topper, The Proposed Comcast-NBCU Transaction: Response to Comments and Petitions Regarding Competitive Benefits and Advertising Competition (July 21, 2010)

Mark Israel & Michael L. Katz, Economic Analysis of the Proposed Comcast-NBCU-GE Transaction (July 20, 2010)

American Cable Association, Comments (June 21, 2010)

Exhibit A: William P. Rogerson, Economic Analysis of the Competitive Harms of the Proposed Comcast-NBCU Transaction (June 21, 2010) (Rogerson I)

Exhibit B: Declaration of Steve Friedman

Exhibit C: Declaration of Robert Gessner

Mark Israel & Michael L. Katz, Responses to Commission Econometrics Questions (Oct. 25, 2010)

Mark Israel & Michael L. Katz, Response to Professor Rogerson's Comments on Double Marginalization (Oct. 25, 2010)

American Cable Association, Reply (Aug. 19, 2010)

Exhibit A: William P. Rogerson, A Further Economic Analysis of the
Proposed Comcast-NBCU Transaction (Aug. 19, 2010) (Rogerson II)

Exhibit B: Declaration of Robert Gessner

Exhibit C: ACA’s Proposed Comcast-NBCU License Transfer Conditions

William P. Rogerson, An Estimate of the Consumer Harm that Will Result from the Comcast-NBCU Transaction, Report Submitted to the Federal Communications Communication on behalf of the American Cable Association (Nov. 8, 2010) (Rogerson III)

Commentary:

± Susan Crawford Blog, FCC Conditions on Comcast/NBCU

± Jonathan B. Baker, Comcast/NBCU: The FCC Provides a Roadmap for Vertical Merger Analysis (Feb. 5, 2011)

Complaint, United States v. Ticketmaster Entertainment, Inc., No. 1:10-cv-00139 (D.D.C. filed Jan. 25, 2010)

For additional materials, see Case Studies.

Amended Complaint (Jan. 28, 2010) (joining New Jersey and Washington have joined as plaintiffs)

± Fruehauf Corp. v. FTC, 603 F.2d 345 (2d Cir. 1979)

± Alberta Gas Chems. v. E.I. du Pont de Nemours & Co., 826 F.2d 1235 (3d Cir. 1987)

± Jonathan B. Baker, Nancy L. Rose, Steven C. Salop & F.M. Scott Morton, Five Principles for Vertical Merger Enforcement Policy (Georgetown Law Faculty Publications and Other Works, No. 2148, 2019).

Steven C. Salop, Invigorating Vertical Merger Enforcement, 127 Yale LJ 1962 (2017).

Steven C. Salop & Daniel P. Culley, Revising the US Vertical Merger Guidelines: Policy Issues and an Interim Guide for Practitioners, 4 J. Antitrust Enforcement 1 (2015).

± Steven C. Salop & Daniel P. Culley, Potential Competitive Effects of Vertical Mergers: A How-To Guide for Practitioners (Nov. 10, 2014).

± Simon Loertscher & Markus Reisinger, Market Structure and the Competitive Effects of Vertical Integration (Jan. 30, 2014).

± Serge Moresi & Steven C. Salop, vGUPPI: Scoring Unilateral Pricing Incentives in Vertical Mergers (Georgetown Business, Economics and Regulatory Law Research Paper No. 12-022, June 18, 2012).

± Timothy Bresnahan & Jonathan Levin, Vertical Integration and Market Structure (Jan. 30, 2012).

± Christine Siegwarth, Meyer & Yijia (Isabelle) Wang, Determining the Competitive Effects of Vertical Integration in Mergers (2011).

± Marie-Laure Allain, Claire Chambolle & Patrick Rey, Vertical Integration, Innovation and Foreclosure (Sept. 14, 2010).

Jeffrey Church, Vertical Mergers, in 2 Issues in Competition Law and Policy 1455 (ABA Section of Antitrust Law 2008).

± Michael H. Riordan, Competitive Effects of Vertical Integration (2005), final version published in Handbook of Antitrust Economics 353 (Paolo Buccirossi ed. 2008).

± David T. Scheffman & Richard S. Higgins, Vertical Mergers: Theory and Policy, 12 Geo. Mason L. Rev. 967 (2004).

± Yongmin Chen, On Vertical Mergers and their Competitive Effects, 32 RAND J. Econ. 667 (2001).

Michael A. Salinger, Vertical Mergers and Market Foreclosure, 103 Q.J. Econ. 345 (1998).

Michael H. Riordan & Steven C. Salop, Evaluating Vertical Mergers, 63 Antitrust L.J. 513 (1995).

± Patrick Boulton & Michael D. Whinston, The "Foreclosure" Effect of Vertical Mergers, 147 J. Institutional & Theoretical Econ. 207 (1991).

± Oliver Hart & Jean Tirole, Vertical Integration and Market Foreclosure, Brookings Papers on Economic Activity, Microeconomics (1990).

Janusz Ordover, Steven Salop & Garth Saloner, Equilibrium Vertical Foreclosure, 80 Am. Econ. Rev. 127 (1990).

± Oliver E. Williamson, The Vertical Integration of Production: Market Failure Considerations, 61 Am. Econ. Rev. 112 (1971).

Enghin Atalay, Ali Hortaçsu & Chad Syverson, Vertical Integration and Input Flows, 104 Am. Econ. Rev. 1120 (2014) (finding that found that one half of upstream establishments do not ship to their integrated downstream divisions).

± Fernando Luco & Guillermo Marshall, Vertical Integration with Multiproduct Firms: When Eliminating Double Marginalization May Hurt Consumers (Dec. 7, 2018)

± Margaret E. Slade, Vertical Mergers:Ex Post Evidence and Ex Ante Evaluation Methods (June 2019)

± Hans-Theo Normann, Vertical Mergers, Foreclosure and Raising Rivals’ Costs–Experimental Evidence (Sept. 2010).

Vertical Information Conduits

± Coca-Cola Enterprises, News Release, The Coca-Cola Company and Coca-Cola Enterprises Strategically Advance and Strengthen Their Partnership (Feb. 25, 2010)

± Investor Presentation (Feb. 25, 2010)

± Business Separation and Merger Agreement by and among Coca-Cola Enterprises Inc., International CCE, Inc., The Coca-Cola Company, and Cobalt Subsidiary LLC dated as of February 25, 2010

Complaint, In re Coca-Cola Co., C-4305 (FTC accepted for public comment Sept. 27, 2010) (FTC news release)

Fed. Trade Comm'n, News Release, FTC Puts Conditions on Coca-Cola's $12.3 Billion Acquisition of its Largest North American Bottler (Sept. 27, 2010)

± FTC web site

Decision and Order (FTC accepted for public comment Sept. 27, 2010)

Agreement Containing Consent Order (Sept. 27, 2010)

Decision and Order (Sept. 27, 2010) (appendices A & B)

Analysis of Agreement Containing Consent Order to Aid Public Comment (Sept. 27, 2010)

Commission Letters Approving Monitor and Monitor Agreement (Oct. 7, 2010)

Final Decision and Order (Nov. 5, 2010) (Appendices A and B)

Conglomerate Theories

Conglomerate Effects of Mergers—Note by the United States, submitted to the OCED Directorate for Financial & Enterprise Affairs Competition Comm. (DAF/COMP/WD(2020)7, June 4, 2020).

± OECD Roundtable on Start-ups, Killer Acquisitions and Merger Control web page

Directorate for Financial & Enterprise Affairs Competition Comm.,Roundtable on Conglomerate Effects of Mergers - Background Note (DAF/COMP(2020)2 , May 24, 2020).

Directorate for Financial & Enterprise Affairs Competition Comm., Barriers to Entry (DAF/COMP(2005)42, Mar. 6, 2006).

± J. Thomas Rosch, Comm'r, Fed. Trade Comm'n, Terra Incognita: Vertical and Conglomerate Merger and Interlocking Directorate Law Enforcement, Remarks Before the University of Hong Kong (Sept. 11, 2009).

± Jeffrey Church, Conglomerate Mergers, in 2 Issues in Competition Law and Policy 1503 (ABA Section of Antitrust Law 2008).

± Bundeskartellamt, Conglomerate Mergers in Merger Control: Review and Prospects, Discussion paper for the meeting of the Working Group on Competition Law on 21 Sept. 2006.

± Damien J. Neven, The Analysis of Conglomerate Effects in EU Merger Control (Dec. 2005).

± Organisation for Economic Co-operation and Development, Directorate for Financial and Enterprise Affairs Competition Committee, Vertical Mergers (DAF/COMP(2007)21, Nov. 12, 2007)

Director and Management Interlocks

± Clayton Act § 8, 15 U.S.C. § 19.

Reference Materials

Donald F. Turner, Conglomerate Mergers and Section 7 of the Clayton Act, 78 Harv. L. Rev. 1313 (1965)

Complaint, United States v. Google, Inc., No. 1:11-cv-00688 (D.D.C. Apr. 8, 2011) (DOJ news release)

See below

Complaint, In re PepsiCo, Inc., Dkt. No. C-____ (FTC filed Feb. 26, 2010) (news release)

Agreement Containing Consent Order (Feb. 26, 2010)
Decision and Order (Feb. 26, 2010)
Analysis of Agreement Containing Consent Order To Aid Public Comment (Feb. 26, 2010)
± FTC web site

Serge Moresi & Steven C. Salop, vGUPPI: Scoring Unilateral Pricing Incentives in Vertical Mergers, 79 Antitrust L.J. 185 (2013).

Technical Appendix

European Comm'n, Guidelines on the assessment of non-horizontal mergers under the Council Regulation on the control of concentrations between undertakings, 2008 O.J. (C 256) 6.

European Comm'n, Economic Advisory Group for Competition Policy (EAGCP), Merger Sub-Group, Non-Horizontal Mergers Guidelines: Ten Principles (Aug. 17, 2006).

± Patrick Maydell, Non-horizontal Mergers under the EC Merger Regulation (Stanford–Vienna Transatlantic Technology Law Forum, European Union Law
Working Paper No. 3, 2012).

Jeffrey Church, The Impact of Vertical and Conglomerate Mergers on Competition, Report Prepared for Directorate General for Competition Directorate B Merger Task Force, Eur. Comm'n (Sept. 2004).

Robert F. Booth Trust v. Crowley, No. 10-3285 (7th Cir. 2012) (reported at 687 F.3d 314) (reversing and remanding with instructions to dismiss a derivative action) (± oral argument)

Cia. Petrolera Caribe, Inc. v. Arco Caribbean, Inc., 754 F.2d 404 (1st Cir. 1985)

Borg-Warner Corp. v. FTC, 746 F.2d 108 (2d Cir. 1984)

Case Studies

Meta/Within (FTC 2022)
Unitedhealth Group/Change Healthcare (DOJ 2022)
Lockheed/Aerojet (FTC 2022)
Nvidia/ARM (FTC 2021)
Illumina/Grail (FTC 2021)
Visa/Plaid (DOJ 2020)
Staples/Essendant (FTC 2019)
CVS/Aetna
Northrop Grumman/Orbital (FTC 2018)
AT&T/Time Warner (DOJ 2017)
Mallinckrodt/Novartis AG (FTC 2017)
Mylan/Perrigo (FTC 2016)
Steris/Synergy Health (FTC 2015)
Medtronic/Covidien (FTC 2014)
Akorn/VersaPharm (FTC 2014)
Nielsen/Arbitron (FTC 2013)
General Electric/Avio (FTC 2013)
Deutsche Böurse/NYSE Euronext (DOJ 2011)
Google/ITA (DOJ 2011)
Ticketmaster/Live Nation (DOJ 2010)
TomTom/Tele Atlas// Nokia/NAVTEQ (Eur. Comm'n 2008) |
AOL/Time Warner (FTC 2000)
Merch/Medco (FTC 1998)

Meta/Within
(FTC 2022)

The deal

N.D. Cal.

Complaint for a Temporary Restraining Order and Preliminary Injunction Pursuant to Section 13(b) of the Federal Trade Commission Act, FTC v. Meta Platforms, Inc., No. 3:22-cv-04325 (N.D. Cal. filed July 27, 2022) (public version) (3-2 Commission vote) (assigned to Judge Edward J. Davila and Magistrate Judge Sallie Kim--MAY BE REASSIGNED)
Challenges Meta's proposed acquisition of privately-owned Within Limited, Inc., the maker of the popular virtual reality-dedicated fitness app Supernatural. The complaint alleges that the acquisition would eliminate competition in the relevant market for VR dedicated fitness apps and the broader market for VR fitness apps. The complaint does not allege that Meta currently competes in the relevant markets or that Meta is currently developing or has plans to develop a competing dedicated fitness app. Rather, the complaint alleges that Meta would develop its own dedicated fitness app (perhaps extending the functionality of its Beat Saber rhythm app) if it was prevented from acquiring Within given its hopes of "controlling a VR 'metaverse.'" This is an extension beyond what current law recognizes under the actual potential competition theory of anticompetitive harm. The complaint also alleges that "[t]he acquisition of new users, content, and developers each feed into one another, creating a self-reinforcing cycle that entrenches the company’s early lead" (entrenchment--Compl. ¶ 6) and a "wings" effect, including on Within (perceived potential competition--Compl. ¶¶ 11, 106, 111-116 (all redacted)). The complaint does try to make out a horizontal overlap by alleging that Within and Meta's Beat Saber are both in the VR fitness app market (Compl. ¶ 12), although this appears to be more of afterthought to enable the Commission to invoke the PNB presumption than a central theory of anticompetitive harm. Notably, the complaint joins controlling shareholder Mark Zuckerberg as the controlling shareholder. (The complaint admits that "incidental fitness category includes VR apps whose primary focus is not fitness, but that allow users to get a workout as a byproduct of their use because of the physically active nature of these apps."--Compl. ¶ 51))

Press Release, Fed. Trade Comm'n, FTC Seeks to Block Virtual Reality Giant Meta’s Acquisition of Popular App Creator Within (July 27, 2022)

Meta, The FTC’s Attempt to Block Meta’s Acquisition of Within Is Wrong on the Facts and the Law (July 27, 2022) (noting that the complaint followed a nine-month investigation)

Docket sheet

± FTC web page

Commentary

± Brian Heater, Meta (Facebook) Is Buying Within, Creators of the ‘Supernatural’ VR Fitness App, TechCrunch.com (Oct. 29, 2021)

± David McCabe & Mike Isaac, F.T.C. Sues to Block Meta’s Virtual Reality Deal as It Confronts Big Tech, N.Y. Times.com (July 27, 2022)

± Kathryn Hardison, FTC Seeks to Block Meta Platforms From Acquiring Within Unlimited, Wall St. J. (July 27, 2022)

± Ben Lang, FTC Sues to Block Meta’s Acquisition of Top VR Fitness App Developer, RoadToVR.com (updated July 27, 2022)

Unitedhealth/Change Healthcare
(DOJ 2022)

The deal

DOJ

Commentary

Lockheed Martin/Aerojet
(FTC 2022)

The deal

Press Release, Lockheed Martin Corp., Lockheed Martin to Acquire Aerojet Rocketdyne, Strengthening Position as Leading Provider of Technologies to Deter Threats and Help Secure the United States and its Allies (Dec. 20, 2020)

Press Release, Lockheed Martin Corp., Investor Presentation (Dec. 21, 2020)

Agreement and Plan of Merger by and among: Lockheed Martin Corporation, a Maryland corporation; Mizar Sub, Inc. a Delaware corporation; and Aerojet Rocketdyne Holdings, Inc. a Delaware corporation, Dated as of December 20, 2020

Press Release, Lockheed Martin Corp., Lockheed Martin Statement on Second Request from Federal Trade Commission (Feb. 19, 2021)

Press Release, Lockheed Martin Corp., Lockheed Martin Terminates Agreement to Acquire Aerojet Rocketdyne (Feb. 13, 2022)

FTC

Complaint, In re Lockheed Martin Corp., No. 9405 (F.T.C. issued Jan. 25, 2022)

Press Release, Fed. Trade Comm'n, FTC Sues to Block Lockheed Martin Corporation’s $4.4 Billion Vertical Acquisition of Aerojet Rocketdyne Holdings Inc. (Jan. 25, 2022)

Press Release, U.S. Dep't of Defense, DoD Statement on Proposed Lockheed Martin and Aerojet Rocketdyne Merger (Jan. 25, 2022)

Press Release, Lockheed Martin Corp., Lockheed Martin Terminates Agreement to Acquire Aerojet Rocketdyne (Feb. 13, 2022)

Joint Motion to Dismiss Complaint (Feb. 14, 2022)

± FTC web page

Commentary

± Loren Thompson, FTC Move To Block Lockheed-Aerojet Merger Could Push Rocket Maker into the Arms of Private Equity, Forbes.com (Jan. 26, 2022)

Nvidia/ARM
(FTC 2021)

The deal

± Arm/Nvidia website

Nvidia Corporation, Press Release, NVIDIA to Acquire Arm for $40 Billion, Creating World’s Premier Computing Company for the Age of AI (Sept. 13, 2020)

Share Purchase Agreement by and among Nvidia Corporation, Nvidia International Holdings, Inc., Arm Limited, Softbank Group Capital Limited, and SVF Holdco (UK) Limited, dated as of September 13, 2020

NB: The Share Purchase Agreement provides for a $2 billion payment at signing consisting of a $750 million license fee to Arm and a prepayment of $1.25 billion to Softbank that is not refundable in the event the transaction fails to close because of the antitrust conditions.

± Eric J. Savitz, SoftBank Deal to Sell Arm Has $1.25 Billion Breakup Clause. Nvidia Pays $750 Million Licensing Fee, Barron's, Sept. 18, 2020.

Nvidia Corporation, Form 8-K (Sept. 13, 2020)

Nvidia Corporation, Investor Presentation: Nvidia to Acquire Arm (Sept. 13, 2020)

Rick Merritt, Nvidia Corporation, Blog Post: NVIDIA, Arm CEOs Share Vision of a Deal Made for a Hypergrowth Era (June 17, 2021)

FTC

Complaint, In re Nvidia Corp., No. 9404 (F.T.C. issued Dec. 2, 2021)

Press Release, Fed. Trade Comm'n, FTC Sues to Block $40 Billion Semiconductor Chip Merger (Dec. 2, 2021)

± FTC web page

United Kingdom

Competition & Markets Authority, NVIDIA—Arm: A Report to the Secretary of State for Digital, Culture, Media & Sport on the Anticipated Acquisition by NVIDIA Corporation of Arm Limited (July 20, 2021).

Commentary

± Therese Poletti, Opinion: Nvidia’s ARM Acquisition Is Stalled, and There’s a Deadline with More than a Billion Dollars at Stake, MarketWatch.com, Aug. 21, 2020.

± Therese Poletti, Opinion: Nvidia’s Deal for ARM Is Dead—How Long until CEO Jensen Huang Admits It?, MarketWatch.com, Dec. 4, 2021.

± Ian King, SoftBank Poised to Lose $74 Billion Payday If Arm Deal Is Halted, Bloomberg.com, Dec. 3, 2021.

Illumina/Grail
(FTC 2001)

See Illumina/GRAIL in Merger Antitrust Litigation

Visa/Plaid
(DOJ 2020)

The deal

Press Release, Visa Inc., Visa to Acquire Plaid (Jan. 13, 2020)

Visa Inc., Visa's Acquisition of Plaid (Jan. 13, 2020) (investor presentation)

Press Release, Visa Inc., Visa Statement on Planned Acquisition of Plaid (Nov. 5, 2020)

D.D.C.

Complaint, United States v. Visa, No. 3:20-cv-07810 (N.D. Cal. filed Nov. 5, 2020)

Press Release, U.S. Dep’t of Justice, Justice Department Sues to Block Visa's Proposed Acquisition of Plaid (Nov. 5, 2020

Docket sheet (downloaded Jan. 13, 2021)

Joint Stipulation and [Proposed) Protective Order (Nov. 25, 2020)

Defendant Visa Inc.’s Answer to Complaint (Nov. 27, 2020)

Defendant Plaid Inc.’s Answer to Complaint (Nov. 27, 2020)

Joint Stipulation and [Proposed] Modification to Protective Order (Dec. 11, 2020)

Joint Case Management Statement and Discovery Plan; [Proposed] Order Filed Concurrently Herewith (Dec. 11, 2020)

Exhibit A: Defendants’ Memorandum of Points and Authorities in Support of Motion for Judgment on the Pleadings

Joint Stipulation and [Proposed] Order Regarding Case Schedule (Dec. 18, 2020)

Order Scheduling Trial and Pretrial Matters (Dec. 18, 2020)

Joint Stipulation and [Proposed] Discovery Order (Jan. 6, 2021)

News Release, Visa Inc. & Plaid, Visa and Plaid Announce Mutual Termination of Merger Agreement (Jan. 12, 2021)

Joint Stipulation of Dismissal (Jan. 12, 2021) (entered Jan. 12, 2021)

± DOJ web page

United Kingdom

Press Release, U.K. Competition & Markets Authority, Deal between Visa and Plaid Given the Go-Ahead (Aug. 24, 2020)

Decision (Oct. 5, 2020)

± CMA web page

Commentary

± Editorial Board, Visa Is Doing What Big American Companies Do to ‘Protect This Business’, NYT.com (Dec. 2, 2020)

± Cara Lombardo & AnnaMaria Andriotis, Visa to Pay $5.3 Billion for Fintech Startup, WSJ.com (Jan. 13, 2020)

± Telis Demos, Visa’s Bet on Plaid Is Costly but Necessary, WSJ.com (Jan. 14, 2020)

± Ron Shevlin, What’s Visa Going To Do With Plaid?, Forbes.com (Jan. 20, 2020)

± Brent Kendall, AnnaMaria Andriotis & Peter Rudegeair, Visa Abandons Planned Acquisition of Plaid After DOJ Challenge, WSJ.com (Jan. 12, 2021)

± Alex Wilhelm, Visa Will Not Acquire Plaid after Running into Regulatory Wall, TechCrunch.com (Jan. 12, 2021)

± Jen Wieczner & David Z. Morris, Plaid without Visa? It Might Be a Blessing in Disguise, Fortune.com (Jan. 13, 2021)

Staples/Essendant
(FTC 2019)

The deal

Genuine Parts Company & Essendant Inc., News Release, Essendant And Genuine Parts Company's S.P. Richards Business To Combine To Form Stronger, More Competitive National Business Products Distributor (Apr. 12, 2018)

Agreement and Plan of Merger Dated as of April 12, 2018 By and Among Genuine Parts Company, Rhino SpinCo, Inc., Essendant Inc. and Elephant Merger Sub Corp. (Apr. 12, 2018)

Essendant and S.P. Richards: A Stronger, More Competitive Distributor of Business Products (Apr. 12, 2019)

Essendant inc., Form 8-K (Apr. 12, 2018)
Essendant inc., Form 425 (Apr. 12, 2018) (communications toolkit for Essendant employees in dealing with customers)
Essendant inc., Form 425 (Apr. 12, 2018) (letter to valued partners)
Essendant inc., Form 425 (Apr. 12, 2018) (talking points for team meetings)
Essendant inc., Form 425 (Apr. 12, 2018) (analyst call transcript)

Letter from Stefan Kaluzny, Director, Staples, Inc., to Richard D. Phillips, President and CEO of Essendant Inc., re proposal to acquire Essendant (Apr. 17, 2018)

Letter from Stefan Kaluzny, Director, Staples, Inc., to Richard D. Phillips, President and CEO of Essendant Inc., re finding by Essenadant board of directors that Staples offer was not a superior proposal (Apr. 29, 2018)

Genuine Parts Company & Essendant Inc., News Release, Essendant Confirms Receipt of Two Proposals: An Unsolicited All-Cash Offer from Staples, Inc. and a Contingent Cash Payment from Genuine Parts Company As an Enhancement to the Agreed Upon Merger (May 16, 2018)

Genuine Parts Company, News Release, Genuine Parts Company Comments On Definitive Merger Agreement With Essendant Following Staples' Conditional, Non-Binding Proposal To Acquire Essendant (May 16. 2018)

Essendant Inc., Essendant Provides Update on Proposed Merger with GPC’S S.P. Richards Business: Receives Second Request from FTC (June 6, 2018)

Essendant inc., News Release, Essendant Board Determines Staples Offer Constitutes A "Superior Proposal" To S.P. Richards Transaction (Sept 10, 2018)

Genuine Parts Company, News Release, Genuine Parts Company Comments On Notification From Essendant; Continues To Believe S.P. Richards Merger Agreement With Essendant Remains Superior (Sept. 10, 2018)

Consent decree

Complaint, In re Sycamore Partners II, L.P., No. C-4667 (F.T.C. filed Jan. 25, 2019)
NB: Sycamore is the private equity owner of Staples

Fed. Trade Comm'n, News Release, FTC Imposes Conditions on Staples’ Acquisition of Office Supply Wholesaler Essendant Inc. (Jan. 28, 2019)

Statement of Chairman Joseph J. Simons, Commissioner Noah Joshua Phillips, and Commissioner Christine S. Wilson'
Statement of Commissioner Rohit Chopra
Statement of Commissioner Rebecca Kelly Slaughter
Statement of Commissioner Christine S. Wilson

Agreement Containing Consent Orders (Jan. 25, 2019)
Decision and Order(Jan. 25, 2019)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (Jan. 25, 2019)

CVS/Aetna

The deal

CVS Health Corp. & Aetna Inc., Press Release, CVS Health to Acquire Aetna; Combination to Provide Consumers with a Better Experience, Reduced Costs and Improved Access to Health Care Experts in Homes and Communities Across the Country (Dec. 3, 2017)

Agreement and Plan of Merger Dated As of December 3, 2017 among CVS Health Corporation, Hudson Merger Sub Corp. and Aetna Inc.

Investor call prepared remarks

Investor fact sheet

Investor presentation

Benefits for shareholders

Commentary

± Sarah Kliff, A Health Merger Expert Explains the CVS-Aetna Deal, Vox.com (Dec. 4, 2017)

Northrop Grumman/Orbital
(FTC 2018)

The deal

Northrop Grumman and Orbital ATK, Press Release, Northrop Grumman to Acquire Orbital ATK for $9.2 Billion (Sept. 18, 2017)

The consent decree

Complaint, In re Northrop Grumman Corp., No. C-4652 (F.T.C. issued June 5, 2018)

Fed. Trade Comm'n, News Release, FTC Imposes Conditions on Northrop Grumman’s Acquisition of Solid Rocket Motor Supplier Orbital ATK, Inc. (June 5, 2018)

Statement of Bureau of Competition Deputy Director Ian Conner on the Commission’s Consent Order in the Acquisition of Orbital ATK, Inc. by Northrop Grumman Corp., File No. 181-0005 (June 5, 2018)

Agreement Containing Consent Orders (June 5, 2018)
Decision and Order(June 5, 2018)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (June 5, 2018)

Federal Register Notice (June 14, 2018)

Modified Decision and Order (Dec. 3, 2018)(FTC news release)

Fed. Trade Comm'n, News Release, FTC Approves Modified Final Order Imposing Conditions on Northrop Grumman’s Acquisition of Solid Rocket Motor Supplier Orbital ATK, Inc. (Dec. 4, 2018)

Letters to Commenters

± FTC web page

Aftermath

Northrop Grumman and Orbital ATK, Press Release, Northrop Grumman Completes Orbital ATK Acquisition, Blake Larson Elected to Lead New Innovation Systems Sector (June 6, 2018)

AT&T/Time Warner
(DOJ 2017)

The deal

See generally ± Manalo LLP, Time Warner/AT&T Timeline

AT&T Inc. & Time Warner Inc., Press Release, AT&T to Acquire Time Warner (Oct. 22, 2016)

Agreement and Plan of Merger among Time Warner Inc., AT&T Inc., and West Merger Sub, Inc. Dated As Of October 22, 2016

AT&T analyst call transcript (Oct. 22, 2016) (presentation)

AT&T Inc., Form 425 (Oct. 24, 2016) (re AT&T Statement on TWX-TWC Confusion)

AT&T Inc., Form 425 (Oct. 24, 2016) (AT&T Acquires Time Warner – Q&A)

AT&T Inc., Form S-4 (Nov. 18, 2016) (preliminary) (excerpt: Background of the transaction)

AT&T Inc., Form 8-K (Dec. 21, 2017) (parties amend agreement to extend termination date to June 22, 2018)

AT&T Inc., Amendment No. 2 to Form S-4 (preliminary filed Jan. 5, 2017) (providing details of progress of deal) (summary of regulatory approvals section)

Time Warner, Form 10-K for the fiscal year ending December 31, 2016 (filed Feb. 23, 2017)

AT&T Inc., Form 8-K (June 15, 2018) (reporting on closing of transaction)

DOJ action

Complaint, United States v. AT&T Inc., No. 1:17-cv-02511 (D.D.C. filed Nov. 20, 2017)

Case Assigned to Judge Christopher R. Cooper
Reassigned to Judge Richard Leon (who entered the Comcast/NBCUniversal consent decree)

Docket sheet (downloaded June 26, 2018)

U.S. Dep’t of Justice, Antitrust Div., Press Release, Justice Department Challenges AT&T/DirecTV’s Acquisition of Time Warner (Nov. 20, 2017)

AT&T Inc., News Release, AT&T Statement on Latest Developments in Proposed Acquisition of Time Warner, Inc. (Nov. 20, 2017)

Background on DOJ: Vertical Merger Precedent

Background on the Government's Lawsuit

± AT&T web page on Time Warner acquisition

AT&T Inc., Form 8-K (filed Nov. 29, 2017) (reporting exercise of right to extend merger agreement termination date to April 22, 2018)

Answer (Nov. 28, 2017)

Defendants' Motion to Set Trial Date (Nov. 28, 2017)

Exhibit A: Letter to Makan Delrahim (Nov. 21, 2017)
Exhibit B: [Proposed] Scheduling and Case Management Order
Exhibit C: DOJ Investigation Timeline
Exhibit D: [Proposed] Order Setting Trial Date

Plaintiff’s Response to Defendants’ Motion to Set Trial Date (Dec. 4, 2017)

Plaintiff’s Motion to Enter Scheduling and Case Management Order and Memorandum in Support (Nov. 28, 2017)

Exhibit A: Plaintiff’s Proposed Scheduling and Case Management Order
Exhibit B: Comparison of CMO Schedule and Provisions Proposed by Plaintiff and Defendants
Exhibit C: Declaration of Lauren G.S. Riker

Defendants’ Response to Plaintiff’s Motion for Scheduling Order (Dec. 4, 2017)

Status conference transcript (Feb. 16, 2018) (re discovery request on selective prosecution defense)

Trial date set for March 19, 2017 (Dec. 7, 2017)

Protective Order (Dec. 8, 2017)

Motion for Leave to File Amicus Curiae Brief and [Proposed] Amicus Curiae Brief of Dr. Carter Page in Support of Plaintiff's Complaint (Dec. 12, 2017)

Brief of Amicus Curiae Carter Page in Support of Plaintiff's Complaint (Dec. 12, 2017)

Plaintiff’s Response to Motion for Leave to File Amicus Curiae Brief of Dr. Carter Page (Dec. 12, 2017)

MINUTE ORDER denying 38 Motion for Leave to File Amicus Curiae Brief. It is hereby ORDERED that the motion is DENIED. Signed by Judge Richard J. Leon on 12/20/2017.

Status conference (transcript) (Dec. 21, 2018)

Case Management Order (Dec. 21, 2017)

Scheduling Order (Dec. 21, 2017)

Amended Protective Order (Dec. 29, 2017)

Status conference (transcript) (Feb. 2, 2018)

Expert Report of Carl Shapiro (Feb. 2, 2018) (public version)

Rebuttal Report of Carl Shapiro (Feb. 26, 2018) (public version)

Supplemental Expert Report of Carl Shapiro (Apr. 21, 2018) (public version)

Expert Report of Dennis W. Carlton (Feb. 2, 2018) (public version)

Rebuttal Expert Report of Dennis W. Carlton (Feb. 26, 2018) (public version)

Memorandum Opinion and Order (Feb. 20, 2018) (denying defendants' oral motion to compel production of the requested privilege logs relating to their selective enforcement defense)

Supplemental Scheduling Order (Mar. 7, 2018)

Motion for Leave by Former Department of Justice Officials to File Brief Amici Curiae in Support of Neither Party (Mar. 8, 2018)

Brief of Former Department of Justice Officials as Amici Curiae in Support of Neither Party (Mar. 8, 2018)

Plaintiff’s Response to Motion for Leave to File Amicus Curiae Brief of The Protect Democracy Project, Inc. (Mar. 9, 2018)

MINUTE ORDER. Upon consideration of Sealed Motion filed by United States of America, filed publicly as 85 The United States' Motion in Limine to Exclude or Limit Evidence of Defendants' Arbitration Offer, and defendants' opposition thereto, it is hereby ORDERED that the motion is DENIED. It is further ORDERED that Motion for Leave by Former Department of Justice Officials to File Brief Amici Curiae in Support of Neither Party is DENIED. SO ORDERED. Signed by Judge Richard J. Leon on 3/13/2018. (lcrjl1)

Trial Brief of the United States (Mar. 9, 2018) (redacted)

Pretrial Brief of Defendants AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc. (Mar. 9, 2018) (redacted)

Joint Statement on the Burden of Proof at Trial (Mar 13, 2018)

The United States’ Motion In Limine to Exclude or Limit Evidence of Defendants’ Arbitration Offer (Mar. 9, 2018) (motion to file under seal denied)

Defendants’ Opposition to the United States’ Motion In Limine (Mar. 13, 2018) (some exhibits under seal)

Exhibit 1: Arbitration Procedures
Exhibit 2: Excerpt form Stankey deposition

Order on Motion for Leave to File Order on Sealed Motion Order on Motion in Limine (Mar. 13, 2018):

MINUTE ORDER. Upon consideration of 78 Sealed Motion filed by United States of America, filed publicly as 85 The United States' Motion in Limine to Exclude or Limit Evidence of Defendants' Arbitration Offer, and defendants' opposition thereto, it is hereby ORDERED that the motion is DENIED. It is further ORDERED that 73 Motion for Leave by Former Department of Justice Officials to File Brief Amici Curiae in Support of Neither Party is DENIED. SO ORDERED. Signed by Judge Richard J. Leon on 3/13/2018. (lcrjl1)

Evidentiary hearing transcript (Mar. 19, 2018) (morning)
Evidentiary hearing transcript (Mar. 19, 2018) (afternoon)
Evidentiary hearing transcript (Mar. 20, 2018) (morning)

Trial

March 22: Opening arguments (morning) (afternoon)

March 26: Plaintiff's Witness: Warren Schlichting. (morning) (afternoon)
March 27: Plaintiff's Witnesses: Warren Schlichting, John Kevin Martin, Jr. (morning) (afternoon)
March 28: Plaintiff's Witnesses: John Kevin Martin, Jr., and Marty Hinson.(morning) (afternoon)
March 29: Plaintiff's Witnesses: Professor John Hauser and Gregory Rigdon (morning) (afternoon)
April 2: Plaintiffs' Witnesses: Breece Coleman Breland and Richard Warren (morning) (afternoon)
April 3: Plaintiff Witnesses: Richard Warren, Stefan Kyle Bewley and Tom Montemagno (morning) (afternoon)
April 4: Plaintiff's Witnesses: Tom Montemagno, Vincent Torres, Simon Sutton, Hanny Patel and Daniel York (morning) (afternoon)
April 5: Plaintiff's Witnesses: Daniel York, Timothy David Gibson and Gregory Stephen Manty (morning) (afternoon)
April 9: Plaintiff's Witnesses: Devin Merrill and John Harran (morning) (afternoon closed)
April 10: Plaintiff's Witnesses: Madison Bond and Daniel York (morning closed) (afternoon)
April 11: Plaintiff's Witness: Carl Shapiro (DOJ expert economist) (morning) (afternoon closed)
April 12: Defense Witness: Dennis Carlton (defense expert economist) (morning closed) (afternoon)
April 16: Defense Witnesses: Michael Katz and Peter Rossi (morning)
April 17: Plaintiff Witness: Jim Holanda. Defense Witnesses: Peter Rossi and David Christopher (morning) (afternoon)
April 18: Defense Witnesses: Jeffrey Lawrence Bewkes and John Thomas Stankey (morning) (afternoon)
April 19: Defense Witnesses: John Thomas Stankey and Randall Stephenson; Plaintiff's Witness: Ronald Gary Quintero (morning) (afternoon)
April 23: Plaintiff Witnesses: Ronald Gary Quintero and Susan Athey (morning) (afternoon)
April 24: Plaintiff's Witness: Carl Shapiro (morning) (afternoon closed)
April 26: Plaintiff's Witness: Carl Shapiro (morning closed) (afternoon)

April 30: No witnesses (morning) (afternoon)

Directv’s Motion to Dismiss or for Entry of Judgment in Its Favor (Apr. 17, 2018)

The United States’ Opposition to Directv’s Motion to Dismiss Directv As a Defendant or for Entry of Judgment in Its Favor (Apr. 19, 2018)

MINUTE ORDER. Upon consideration of DIRECTV'S Motion to Dismiss or for Entry of Judgment in Its Favor, and the United States' opposition thereto, it is hereby ORDERED that the motion is DENIED. SO ORDERED (Apr. 27, 2018)

Post-Trial Brief of the United States (May 3, 2018; public version May 8, 2018)

Proposed Findings of Fact of the United States (May 3, 2018; public version May 8, 2018)

Proposed Conclusions of Law of the United States (May 3, 2018; public version May 8, 2018)

Post-Trial Brief of Defendants AT&T Inc., Directv Group Holdings, LLC, and Time Warner Inc. (May 3, 2018)

Defendants’ Proposed Findings of Fact and Conclusions of Law (May 3, 2018)

Motion for Leave by RCN Telecom Service, LLC, Grande Communications Networks, LLC, and Wavedivision Holdings, LLC, and American Cable Association to File a Brief as Amici Curiae in Support of Neither Party (May 14, 2018)

Brief of RCN Telecom Services, LLC, Grande Communications Networks, LLC, and Wavedivision Holdings, LLC, and American Cable Association as Amici Curiae in Support of Neither Party (May 14, 2018)

Defendants’ Opposition to RCN Telecom Services, LLC; Grande Communications Network, LLC; and Wavedivision Holdings, LLC's Motion for Leave to File Amicus Brief (May 15, 2018)

Plaintiff’s Response to Motion for Leave by RCN et al. To File a Brief as Amici Curiae in Support of Neither Party (May 16, 2018)

Motion for Leave by Cinémoi North America to File Amicus Curiae Brief in Support of the United States of America (May 18, 2018)

Brief of Cinémoi North America as Amicus Curiae in Support of the United States of America (May 18, 2018)

Plaintiff’s Response to Cinémoi North America’s Motion for Leave to File Amicus Brief (May 21, 2018)

Defendants’ Opposition to Cinemoi North America’s Motion for Leave to File Amicus Brief (May 21, 2018)

Memorandum Opinion, United States v. AT&T Inc., No. 1:17-cv-02511 (D.D.C. June 12, 2018) (reported at 310 F. Supp. 3d 161)

Order (June 12, 2018)

Joint Motion to Modify Case Management Order (June 14, 2018)

Exhibit: Letter to DOJ from AT&T (June 14, 2018) (committing to hold Time Warner separate (June 14, 2018)

Proposed order (so ordered June 14, 2018)

Notice of Appeal (July 12, 2018)

Second Circuit

United States v. AT&T, Inc., No. 18-5214 (D.C. Cir. docketed July 13, 2018)

Docket sheet (downloaded Nov. 14, 2018)

Motion of the United States to Expedite Consideration of the Appeal (July 19, 2018)

Clerk's Order (July 19, 2018) (ordering proposed expedited schedule)

Statement of the United States of the Issue To Be Raised on Appeal (Aug. 6, 2018)

Final, Corrected Brief of Appellant United States of America Public Copy—Sealed Material Deleted (Oct. 18, 2018) (original filed Aug. 6, 2018)

[Final] Brief of Federal Communications Commission as Amicus Curiae in Support of Neither Party (Oct. 18, 2018)

[Final] Brief for 27 Antitrust Scholars as Amici Curiae in Support of Neither Party (Oct. 18, 2018)

Brief of Amici Curiae American Antitrust Institute, Consumers Union, and Public Knowledge in Support of Appellant (Aug. 13, 2018)

Brief of CinÉmoi North America as Amicus Curiae in Support of Appellant United States of America in Seeking Reversal of the District Court’s Decision (Aug. 13, 2018)

Corrected Proof Brief of Amici Professor William P. Rogerson and American Cable Association in Support of Appellant (Aug. 21, 2018)

Brief of Open Markets Institute as Amicus Curiae in Support of the Plaintiff-Appellant and Vacatur (Aug. 16, 2018)

Final Brief of AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc. (Oct. 18, 2018)

Final Proof Bipartisan Brief of the States of Wisconsin, Alabama, Georgia, Louisiana, New Mexico, Oklahoma, South Carolina, Utah, and The Commonwealth of Kentucky as Amici Curiae in Support of Defendants-Appellees (Oct. 15, 2018)

Brief Amici Curiae of 37 Economists, Antitrust Scholars, and Former Government Antitrust Officials in Support of Appellees and Supporting Affirmance (Sept. 26, 2018)

Notice by the Chamber of Commerce of the United States of America, National Association of Manufacturers, Business Roundtable, Small Business & Entrepreneurship Council, U.S. Black Chambers, Inc., and the Latino Coalition of Intent to Participate as Amici Curiae in Support of Defendants-Appellees (Sept. 27, 2018)

[Final] Brief of Amicus Curiae the Reporters Committee for Freedom of the Press in Support of Neither Party (Oct. 17, 2018)

Final, Corrected Reply Brief of Appellant United States of America Public Copy—Sealed Material Deleted (Oct. 18, 2018)

Oral argument (Dec. 6, 2018) (audio)
Judges: Rogers, Wilkins, Sentelle
Arguing: Michael Murray (DOJ), Eric F. Citron (amicus), Peter D. Keisler (AT&T/Time Warner) , Andrew J. Pincus (amicus)

Opinion, United States v. AT&T, Inc., No. 18-5214 (D.C. Cir. Feb. 26, 2019) (reported at 916 F.3d 1029)

Analysis

± Mark Cooper, Senior Fellow, Consumer Federation of America, Antitrust Practice, Economic Evidence and Market Reality Compel the Department of Justice to Oppose the AT&T-Time Warner Merger (Mar. 2018).

Jeffrey A. Eisenach & Timothy Watts, Effects of the AT&T-Time Warner Transaction on Competition in the Premium Channels Industry, White Paper for the U.S. Department of Justice (July 2017).

American Antitrust Institute, AAI Applauds Move to Block AT&T-Time Warner Merger, Sets Record Straight on Vertical Merger Enforcement (Dec. 6, 2017).

Steven C. Salop & Daniel P. Culley, Vertical Merger Enforcement Actions: 1994–2016 (June 30, 2017).

± Trefis Team, Why AT&T Is Buying Time Warner, Forbes.com (Oct. 24, 2016)

± Keach Hagey, Brent Kendall & Drew FitzGerald, Regulators Seek Significant Asset Sales in AT&T Deal for Time Warner, WSJ.com (Nov. 8, 2017).

Mallinckrodt/Novartis AG
(FTC 2017)

± Questcor Pharmaceuticals, Inc., News Release, Questcor Pharmaceuticals Closes Transaction to Acquire International Rights to Synacthen® and Synacthen® Depot (June 23, 2014)

Note: On August 14, 2014, Mallinckrodt plc acquired Questor Pharmaceuticals for $5.8 billion. See Mallinckrodt plc, News Release, Mallinckrodt Completes Acquisition of Questcor Pharmaceuticals (Aug. 14, 2014). On July 27, 2015, Questor Pharmaceuticals was renamed Mallinckrodt ARD Inc.

Complaint for Injunctive and Other Equitable Relief, FTC v. Mallinckrodt ARD Inc., No. 1:17-cv-00120 (D.D.C. filed Jan. 18, 2017; redacted version filed Jan. 25, 2017) (FTC news release)

Docket sheet (downloaded Feb. 13, 2017)

Concurring Statement of Commissioner Maureen K. Ohlhausen (Jan. 18, 2017)

Mallinckrodt plc, News Release, Mallinckrodt and Federal Trade Commission Resolve Questcor Matter (Jan. 18, 2017)

Joint Motion for Entry of Stipulated Order for Permanent Injunction and Equitable Monetary Relief (Jan. 18, 2017)

[Proposed] Stipulated Order for Permanent Injunction and Equitable Monetary Relief (Jan. 18, 2017) (so ordered Jan. 30, 2017)

Related case

Complaint, Retrophin, Inc. v. Questcor Pharm., Inc., No. 8:14-cv-00026-JLS-JPR (C.D. Cal. filed Jan. 7, 2014)

Docket sheet (downloaded Mar. 14, 2017)

Order Denying Motion to Dismiss, Retrophin, Inc. v. Questcor Pharm., Inc., No. 8:14-cv-00026-JLS-JPR (C.D. Cal. 2014) (reported at 41 F. Supp. 3d 906)

Stipulation of Dismissal of Action with Prejudice (June 4, 2015)

NB: On June 4, 2015, pursuant to the terms of a Confidential Settlement Agreement and Release (the “Settlement Agreement”) the Company [Retrophin] and Questcor filed a Stipulation of Dismissal, dismissing the Company’s lawsuit against Questcor. Under the terms of the Settlement Agreement, Questcor paid the Company $15.5 million, recorded as “Litigation Settlement Gain” in the quarter ended June 30, 2015, and the Company and Questcor granted a mutual release of all claims against the other. ± Retrophin, Inc., Form 10-Q for the quarterly period ending June 30, 2015.

Commentary

± Andrew Pollack, Questcor Finds Profits, at $28,000 a Vial, NYTimes.com (Dec. 29, 2012)

± Andrew Pollack, Questcor Pays $135 Million to Acquire Rights to a Competitor’s Drug, NYTimes.com (June 14, 2014)

± Charles Ornstein, The Obscure Drug With a Growing Medicare Tab, ProPublica (Aug. 4, 2014)

± Cynthia Koons & Robert Langreth, Mallinckrodt's $35,000 Drug Is Back in the Spotlight, Bloomberg.com (Nov. 9, 2015)

± Tracy Staton, Mallinckrodt’s Acthar Drama Continues with $100M FTC Settlement, FiercePharma.com (Jan. 19, 2017)

± Gregory E. Heltzer & Melanie A. Hallas, THE LATEST: Losing Bidder for Pharmaceutical Triggers FTC Investigation, Fix, and $100 Million Fine in Non-HSR-Reportable Transaction, NationalLawReview.com (Mar. 14, 2017).

± Ramsi Woodcock, Ohio v. Amex, Supply Chain Fairness, and the Inadequacy of Antitrust’s Consumer Welfare Standard, ProMarket.org, July 2, 2018.

Mylan/Perrigo
(FTC 2015)

Mylan N.V., Press Release, Mylan to Launch Offer for Perrigo Directly to Perrigo Shareholders on Sept. 14 (Sept. 8, 2015)

Perrigo Company plc, Press Release, Perrigo Responds to Misleading Letter from Mylan Executive Chairman (Sept. 10, 2015)

Mylan N.V., Press Release, Mylan Commences Offer to Acquire Perrigo (Sept. 14, 2015)

Complaint, In re Mylan N.V., Dkt. No. C-4557 (F.T.C. issued Nov. 2, 2015) (FTC news release—issued Nov. 3, 2015)

Agreement Containing Consent Orders (Nov. 3, 2015)
Decision and Order(Nov. 3, 2015)
Order to Maintain Assets (Nov. 2, 2015)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (Nov. 3, 2015)

Federal Register Notice (Nov. 10, 2015)

Decision and Order (Feb. 19, 2016) (FTC news release)

± FTC web page

Perrigo Company plc, Press Release, Perrigo Shareholders Convincingly Reject Mylan's Tender Offer, Expressing Confidence in Perrigo's Long-Term Strategy (Nov. 13, 2015)

Steris/Synergy Health
(FTC 2015)

See Merger Litigation

Medtronic/Covidien
(FTC 2014)

Medtronic, Inc. and Covidien, Press Release, Medtronic to Acquire Covidien for $42.9 Billion in Cash and Stock (June 15, 2014)

Complaint, In re Medtronic, Inc., Dkt. No. C-4503 (F.T.C. filed Jan. 13, 2015) (FTC news release—issued Nov. 26, 2015)

Agreement Containing Consent Orders (Nov. 26, 2014)
Decision and Order (Nov. 26, 2014)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (Nov. 26, 2014)

Federal Register Notice (Dec. 5, 2014)

Decision and Order (Jan. 13, 2015)

± FTC web page

Medtronic, Inc., Press Release, Medtronic Completes Acquisition of Covidien (Jan. 26, 2015)

The Spectranetics Corporation, Press Release, Spectranetics Completes Acquisition of Stellarex(TM) Drug Coated Balloon Assets From
Covidien (Jan. 27, 2015)

Akorn/VersaPharm
(FTC 2014)

± Akorn, Inc. Investor Presentation on the VersaPharm Acquisition (May 12, 2014)

Complaint, In re Akron, Inc., No. C-4479 (Aug. 1, 2014) (FTC news release—issued Aug. 4, 2014)

Agreement Containing Consent Orders (Aug. 1, 2014)
Decision and Order (Aug. 1, 2014)
Order to Maintain Assets (Aug. 1, 2014)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (Aug. 1, 2014)

Federal Register Notice (Aug. 12, 2014)

Decision and Order (Sept. 16, 2014)

± FTC web page

Nielsen/Arbitron
(FTC 2013)

See above

General Electric/Avio
(FTC 2013)

General Electric, Press Release, GE to Acquire Aviation Business of Avio S.p.A (Dec. 21, 2012)

Complaint, In re General Electric Co., No. C-4411 (FTC issued Aug. 27, 2013) (FTC News Release—issued July 19, 2013)

Agreement Containing Consent Orders (July 19, 2013)
Decision and Order (July 19, 2013)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (July 19, 2013)

Federal Register Notice (July 26, 2014)

Decision and Order (Aug. 27, 2013)

± FTC web page

Deutsche Böurse/NYSE Euronext
(DOJ 2011)

Complaint ¶¶ 29-30, United States v. Deutsche Bõrse AG, No. 1:11-cv-02280 (D.D.C. filed Dec. 22, 2011) (requiring the divestiture of Direct Edge in connection with the merger with NYSE Euronext, alleging among other this the elimination of Direct Edge as a potential competitor of NYSE in listing services for exchange-traded products) (DOJ news release)

Stipulation and Order (Dec. 22, 2011)

[Proposed] Final Judgment (Dec. 22, 2011)

Competitive Impact Statement (Dec. 22, 2011)

Plaintiff United States' Explanation of Consent Decree Procedures (Dec. 22, 2011)

Google/ITA
(DOJ 2011)

Complaint, United States v. Google Inc., No. 1:11-cv-00688 (D.D.C. filed Apr. 8, 2011) (news release)

± DOJ web site

Stipulation and [Proposed] Order (Apr. 8, 2011)
[Proposed] Final Judgment (Apr. 8, 2011)

Exhibit 1 to the [Proposed] Final Judgment (Redacted) (Apr. 8, 2011)

Competitive Impact Statement (Apr. 8, 2011)
Plaintiff United States' Explanation of Consent Decree Procedures (Apr. 8, 2011)
Stipulation and Order (Apr. 12, 2011)
United States' Motion to Enter Final Judgment and Supporting Memorandum of Points and Authorities (July 7, 2011)

Exhibit A: [Proposed] Final Judgment
Exhibit B: Certificate of Compliance with Provision of the Antitrust Procedures and Penalties Act

Final Judgment (Oct. 5, 2011)

Commentary

Michael D. Topper, Stanley Watt & Jingming "Marshall" Yan, Google-ITA: Creating a New Flight Search Competitor (2011), in The Antitrust Revolution 385 (John E. Kwoka, Jr. & Lawrence J. White eds., 6th ed. 2014).

± FairSearch.org, Google’s Flight Search: Today’s Example That “Trust Us” Is Not Enough (Nov. 17, 2011)

± FairSearch.org, Press Release, FairSearch.org Coalition Applauds Justice Department for Challenge to Google-ITA Deal (Apr. 8, 2011)

± Daniel A. Crane, Let’s Calm Down On The Google-ITA Deal, TechCrunch.com (Feb. 26, 2011)

Randy Stutz, American Antitrust Institute, An Examination of the Antitrust Issues Posed by Google’s Acquisition of ITA (Feb. 18, 2011)

± Brett Snyder, Google-ITA Rewards Orbitz and Undercuts Merger Opposition at the Same Time, CBS MoneyWatch.com (Feb. 8, 2011)

± FairSearch.org, Press Release, FairSearch.org Coalition Grows, New U.S. and International Travel Members Urge Justice Department to Challenge Google-ITA Deal (Dec. 13, 2010)

± FairSearch.org, Press Release, Online Travel and Technology Companies Launch FairSearch.org Coalition, Urge Justice Department to Challenge Google-ITA Deal (Oct. 26, 2010)

Google Inc., Facts about Google’s acquisition of ITA Software (web site)

Comcast/NBC Universal
(DOJ 2011)

See above

Ticketmaster/Live Nation
(DOJ 2010)

Complaint, United States v. Ticketmaster, No. 1:10-cv-00139 (D.C.C. filed Jan. 25, 2010)

Exhibit A: Proposed Final Judgment
Exhibit B: United States' Explanation of Consent Decree Procedures
Exhibit C: Hold Separate Stipulation and [Proposed] Order

Competitive Impact Statement (Jan. 25, 2010)

Exhibit A - Letter of Agreement

U.S. Dep't of Justice, Press Release, Justice Department Requires Ticketmaster Entertainment Inc. to Make Significant Changes to its Merger with Live Nation Inc. (Jan. 25, 2010)
Remarks as Prepared for Delivery by Assistant Attorney General Christine Varney at Ticketmaster/Live Nation Pen-and-Pad Briefing (Jan. 25, 2010)

Analysis and commentary

John E. Kwoka, Jr., Rockonomics: The Ticketmaster-Live Nation Merger and the Rock Concert Business (2010), in The Antitrust Revolution 62 (John E. Kwoka, Jr. & Lawrence J. White eds. 2014).

± Alan J. Meese & Barak D. Richman, A Careful Examination of the Live Nation-Ticketmaster Merger (William & Mary Law School Research Paper No. 09-41, Nov. 25, 2009).

± James D. Hurwitz, Commentary: Ticketmaster–Live Nation (AAI white paper, Apr. 28, 2009).

± Case No. COMP/M.4942, Nokia/ NAVTEQ, Commission Decision of 2 July 2008 (EC web site)
± Case No. COMP/M.4854, TomTom/Tele Atlas, Commission Decision of 14 May 2008 (EC web site)

± Carles Esteva Mosso, Michal Mottl, Raphaël De Coninck & Franck Dupont, Digital maps go vertical: TomTom/Tele Atlas and Nokia/NAVTEQ, Competition Pol'y Newsletter, No. 3, 2008.

Raphaël De Coninck, Chief Economist Team, DG COMP, Eur. Comm'n, TomTom/Tele Atlas, PowerPoint Presentation at the 2008 ACE Conference (Nov. 27, 2008).

± Charles River Associates, TomTom/Tele Atlas: European Non-Horizontal Merger Guidelines in practice (Aug. 2008).

± RBB Brief 32, Nokia/NAVTEQ – navigating the non-horizontal merger guidelines (Nov. 2009).

Complaint, In re America Online, Inc., No. C-3989 (F.T.C. filed Dec. 14, 2000) (± news release)

Agreement Containing Consent Orders (Dec. 14, 2000)
Decision and Order (Dec. 14, 2000)

Concurring Statement of Commissioner Thompson (Dec. 14, 2000)

Order to Hold Separate (Dec. 14, 2000)
Analysis of Proposed Consent Order to Aid Public Comment (Dec. 14, 2000)

Letter Appointing Monitor Trustee and Approving Monitor Trustee Agreement (Feb. 26, 2001)

Final Decision and Order (Apr. 18, 2001)

Concurring Statement of Commissioner Thompson (Dec. 14, 2000)

± FTC web site

Complaint, In re Merck & Co., No. C-3853 (Feb. 18, 1999) (FTC news release—issued Aug. 27, 1998)

In re Merck & Co., 127 F.T.C. 156 (Feb. 18, 1999)

Agreement Containing Consent Orders (Aug. 27, 1998)
Analysis of Agreement Containing Consent Orders to Aid Public Comment (Aug. 27, 1998)

Federal Register Notice (Sept. 1, 1998)

Decision and Order (Feb. 18, 1999)

± FTC web page

11. Horizontal Mergers

13. Merger Review