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Expanded Merger Review Under the Biden FTC: Implications for Horizontal and Vertical M&A

Application of New Theories Regarding Market Competition and Consumer Harm

Recording of a 90-minute premium CLE video webinar with Q&A

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Conducted on Wednesday, February 16, 2022

Recorded event now available

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This CLE webinar will examine changes to antitrust enforcement under the Biden administration, recent enhancements to the Federal Trade Commission's (FTC) merger review process, and how they will impact proposed M&A deals in the future. The panel will discuss how merger parties and their counsel should address potential antitrust issues associated with a proposed merger to get to a successful closing.

Description

On Sept. 28, 2021, the FTC announced that its merger reviews will focus on "additional facets of market competition," including the impact of a transaction on labor markets and cross-market effects. This follows President Biden's executive order related to competition, which called for greater scrutiny of various economic impacts of proposed merger transactions.

Companies that receive second requests should prepare for more upfront disclosures and negotiations with FTC staff. Under this expanded scope for merger review, the FTC may still scrutinize companies contemplating mergers or acquisitions who previously only needed to demonstrate no price increase or other consumer harm.

The FTC will also require disclosures regarding employees involved in the merger process and those responsible for day-to-day business operations. This may add time and expense to the document collection process, with resulting delays to closing.

Listen as our authoritative panel discusses the philosophical shift in antitrust enforcement under the Biden administration, the resulting expansion of the FTC merger review process, and how deal counsel can best navigate those changes.

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Outline

  1. New FTC leadership and the resulting change in antitrust analysis and enforcement priorities
  2. Expansion of the merger process: new requirements associated with second requests
  3. Addressing merger review in merger documents
  4. Best practices for responding to FTC inquiries
  5. Proposed legislation

Benefits

The panel will review these and other issues:

  • How have the Biden executive order promoting competition and recent changes in FTC leadership affected antitrust enforcement thus far?
  • What are the "additional facets of market competition" (besides the effect on consumers and prices) that the FTC intends to examine in the merger review process?
  • What steps can deal counsel take to address potential antitrust concerns upfront and reduce the time and expense of responding to second requests once the deal is underway?

Faculty

Bachman, Allen
Allen R. Bachman

Partner
K&L Gates

Mr. Bachman advises clients on all aspects of antitrust law, representing companies in merger clearance proceedings and...  |  Read More

Donahue, Lauren
Lauren N. Donahue

Partner
K&L Gates

Ms. Donahue practices in the firm’s antitrust, competition and trade regulation and investigations, enforcement...  |  Read More

Mann, Andrew
Andrew (Drew) Mann

Counsel
K&L Gates

Mr. Mann is counsel at the firm’s Washington, D.C. office. He is a member of the Antitrust, Competition, and...  |  Read More

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