Stuart M. Gerson and John Steren, Members of the Firm, co-present “FTC Prior Approval Policy Change Raises Antitrust Risks for Buyers and Sellers,” a live webinar hosted by Lorman.
The Federal Trade Commission and the Antitrust Division of the Department of Justice have increased their scrutiny of mergers and acquisitions, looking at new theories of harm and seeking ways to address market concentration in every industry. At the same time, and due in part to the back log of transactions that were deferred due to COVID-19, the demands on these agencies to review mergers and acquisitions has never been greater. As a result, the federal antitrust enforcers have looked for ways to keep up with the workload without jeopardizing their stated goal of heightened enforcement. Among other things, the FTC has moved to strengthen and streamline the HSR review process, and has moved to rescind a policy statement in effect since 1995 addressing the requirement for prior notice and approval in every settlement agreement. These changes have increased both the burden and risks associated with mergers and acquisitions that may raise a competitive concern.
- Describes the shifts in merger enforcement including the changes in personnel and philosophy among the new appointees at the Federal Trade Commission and the Antitrust Division of the Department of Justice.
- Discusses the recent changes to the merger review process including the recent decision by the FTC to rescind its 1995 policy statement addressing prior notice and approval requirements.
- Discusses the burdens and risks associated with these changes.