In the last year, officials at the U.S. Antitrust Agencies have taken a number of troubling positions with respect to what is required to challenge consummated mergers under Section 2 of the Sherman Act. These include: (1) the contention that Section 2 presents a “lower bar” than Section 7...

This article offers the following recommendations, focusing on #3 and 6:1. Specifics on how the Agencies will implement the principles set forth in the Guidelines. The Guidelines state throughout that the Agencies “may consider” certain factors; this language should be revised to say...

The generally well-accepted belief motivating modern antitrust analysis of vertical mergers — i.e., acquisitions that combine companies in different levels of the same supply chain — is that they are generally procompetitive or neutral. That belief is based upon a significant body of...

This article provides an assessment of the key changes in the final DOJ-FTC Vertical Merger Guidelines (VMGs) from the January 2020 Draft Guidelines and offers recommendations for the VMGs Commentary--namely, additional details on how the Agencies will determine the industry-wide average retail...

This comment is submitted by the Global Antitrust Institute (GAI) at Scalia Law School at George Mason University to the U.S. Federal Trade Commission regarding its Hearings on Competition and Consumer Protection in the 21st Century. The GAI Competition Advocacy Program discusses vertical...

This paper focuses on industries that require intensive investment to compete and innovate well before demand materialises (or fails to do so). In these industries, the existence of exit barriers may cause firms to become “zombies” ex post and result in significant underinvestment ex ante....

Should merger control take account of the current economic and financial crisis? While there are no credible reasons to support a more or less lenient policy, it is important to recognise that the credit crunch may have an impact on (a) the merger rationale, (b) the pro- and anti-competitive...

Throughout history, vertical merger waves have played a crucial role in shaping industries and market structures. However, opinions on the competitive and welfare effects associated with this phenomenon differ. Some argue that vertical merger waves increase market power and enable the exclusion...