DOJ and FTC Release Final Vertical Merger Guidelines. The 2020 Vertical Merger Guidelines: A Suggested Revision (March 26, 2020) Steven C. Salop Georgetown University Law Center, salop@law.georgetown.edu This paper can be downloaded free of charge from: https://scholarship These guidelines would replace DOJ’s Non-Horizontal Merger Guidelines from 1984. These guidelines replace the DOJ’s 1984 Non-Horizontal Merger Guidelines. This was the first time the agencies have formally addressed vertical mergers since their 1984 merger guidelines. They do not address how defining features of … The guidelines lay out the agencies' approach to defining relevant markets in analyzing vertical mergers, borrowing from the methodology set out in the 2010 Horizontal Merger Guidelines, but also that the agencies may identify one That may soon change. June 30, 2020. Fed. CPI. Davis Polk Discusses Revised DOJ and FTC Vertical Merger Guidelines. of Just., 1984 Merger Guidelines (June 14, 1984). The Department of Justice (DOJ) and the Federal Trade Commission (FTC) formally released the new Vertical Merger Guidelines on June 30, 2020, to provide insight to companies as to how the agencies will evaluate the competitive impact of vertical mergers. 3 They do not reflect current economic thinking about vertical mergers. The guidelines explain and clarify current agency practices and do not signify a policy shift at the agencies. The new guidelines are the first joint DOJ and FTC vertical merger guidelines and replace the DOJ’s 1984 Non-Horizontal Merger Guidelines, which have not been relied upon for many years. 52004XC0205 (02) Guidelines on the assessment of horizontal mergers under the Council Regulation on the control of concentrations between undertakings. Last week, the U.S. Department of Justice ("DOJ") and Federal Trade Commission ("FTC") issued draft Vertical Merger Guidelines. The draft Vertical Merger Guidelines state Relative to the Horizontal Merger Guidelines, which were updated in 2010, this guidance is long in the tooth. FTC and DOJ Issue New Vertical Merger Guidelines. On June 30, 2020, the Federal Trade Commission and the Department of Justice (the “Agencies”) issued new Vertical Merger Guidelines (the “Guidelines”) explaining how they regulate mergers of companies that are not current or potential competitors. On June 30, 2020, the FTC and the Department of Justice (the agencies) jointly issued Vertical Merger Guidelines. Arnold & Porter published an Advisory regarding the Draft Guidelines. Figure 4, below, shows the year in which this occurred for 20 of the 21 guidelines specifically addressing vertical mergers.5 The results indicate that most guidelines have been updated relatively recently. Over the last 30 years, vertical merger cases from both the DOJ and FTC evolved to reflect the concerns of the 1984 Guidelines less and less. Share. On January 10, 2020, the U.S. Department of Justice (DOJ) Antitrust Division and the Federal Trade Commission (FTC) Bureau of Competition published their Draft Vertical Merger Guidelines (Draft Guidelines). vertical merger guidelines. After 35 years, the Trade Comm’n, Vertical Merger Guidelines (June 30, 2020). 1. Notably, the language in the 2020 Draft Vertical Merger Guidelines (2020 Draft VMG) creating a 20-percent market share screen was removed. ( STL.News) – The Department of Justice and Federal Trade Commission issued today new Vertical Merger Guidelines that outline how the federal antitrust agencies evaluate the likely competitive impact of mergers and whether those mergers comply with U.S. antitrust law. The Proposed Vertical Merger Guidelines And Health Care: Little Guidance And Dubious Economics Thomas L. Greaney Richard M. Scheffler April 17, … Article 2 of Council Regulation (EC) No 139/2004 of On January 10, 2020, the Federal Trade Commission and Department of Justice’s Antitrust Division (“the Agencies”) announced proposed draft Vertical Merger Guidelines (“VMGs”) for public comment. On Friday, the Federal Trade Commission (“FTC”) and the Antitrust Division of the U.S. Department of Justice (“DOJ”) released joint draft Vertical Merger Guidelines (“Guidelines”) for public comment. The new guidelines signal that a vertical merger is unlikely to be challenged if the merged parties have less than a 20% share of the market. Official Journal C 031 , 05/02/2004 P. 0005 - 0018. Vertical Merger Guidelines explain how agencies evaluate competitive effects and sources of efficiencies in non-horizontal mergers. This was capped off by proposed Department of Justice (DOJ) and Federal Trade Commission (FTC) vertical merger guidelines, the first such guidelines issued since 1984. The Development: The U.S. Department of Justice ("DOJ") and a divided Federal Trade Commission ("FTC") released the final version of their Vertical Merger Guidelines, the first revision in more than 35 years. The DOJ withdrew the 1984 Guidelines in January of 2020, concurrent with its release of the Draft 3 4 Id. The new guidelines are the first joint DOJ and FTC vertical merger guidelines and replace the DOJ’s 1984 Non-Horizontal Merger Guidelines, which have not been relied upon for many years. 4 Nor do they reflect current agency practice. Published on June 30, 2020 by STLNEWS. On March 29, 2019, at the ABA Antitrust Spring Meeting, DOJ Antitrust Division Assistant Attorney General Makan Delrahim noted that the agency has been working to update its vertical merger guidance. Trade Comm’n, Vertical Merger Guidelines, June 30, 2020, available here. In addition, the DOJ has continued to express concern … By Arthur Burke, Ronan Harty, Jon Leibowitz, Jesse Solomon and Howard Shelanski July 7, 2020. by renholding. 2 U.S. Dept. On Friday, January 10, the Department of Justice's Antitrust Division (DOJ or Division), and the Federal Trade Commission (FTC) announced the release of the 2020 Draft Vertical Merger Guidelines (2020 Draft VMG) for a 30-day comment period, during which the DOJ and FTC will accept comments and suggestions to the draft. The Department of Justice and Federal Trade Commission issued today new Vertical Merger Guidelines that outline how the federal antitrust agencies evaluate the likely competitive impact of mergers and whether those mergers comply with U.S. antitrust law. 5 Nor And while the 2020 Draft VMG only discussed vertical mergers, the final VMG include 1. On June 30, 2020, the U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) (the … Recent studies and guidelines In June 2020, the DOJ and FTC replaced the 1984 Non-Horizontal Merger Guidelines with an updated version of the document, referred to as the Vertical Merger Guidelines (VMG). The Vertical Merger Guidelines. Trade Comm’n, Commentary on Vertical Merger Enforcement, Dec. 2020, available here. The Vertical Merger Guidelines had not been updated since 1984, and because they start with the assumption that vertical mergers are harmless, there have been few challenges brought under these guidelines. U.S. Dep’t of Justice and Fed. However, the Vertical Merger Guidelines have not been revised since 1984.2 Those Guidelines are now woefully out of date. -. Guidelines on the assessment of non-horizontal mergers under the Council Regulation on the control of concentrations between undertakings (2008/C 265/07) I. anxiously anticipated—Draft Vertical Merger Guidelines (VMG) were released by the U.S. Federal Trade Commission and U.S. Depart-ment of Justice on January 10, 2020, and they indeed appear to reflect what the Agencies are1 INTRODUCTION 1. Vertical Merger Guidelines The Draft Vertical Merger Guidelines create a quasi-safe harbor for mergers when the parties have less than 20 percent market share for a relevant product (i.e., general acute care inpatient services) and On June 30, 2020, the U.S. Department of Justice and Federal Trade Commission released a final version of the agencies’ updated Vertical Merger Guidelines. Vertical mergers are those that combine companies operating at different stages of the supply chain. FTC, DOJ Release Updated Vertical Merger Guidelines. The Vertical Merger Guidelines, meant to be considered alongside the Agencies' Horizontal Merger Guidelines from 2010, replace the DOJ's Non-Horizontal Merger Guidelines from 1984. Guidelines on the assessment of horizontal mergers under the Council Regulation on the control of concentrations between undertakings. Challenges to mergers and acquisitions by US antitrust authorities spiked in 2019, with much attention paid to “nascent” competitive problems and vertical mergers. Guidelines 1.
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