by Sheila R. Adams James, Ronan P. Harty, Christopher Lynch, Mary Ok. Marks, Suzanne Munck af Rosenschold, Howard Shelanski, Caroline Ziser Smith, and Jesse Solomon
High left to proper: Sheila R. Adams James, Ronan P. Harty, Christopher Lynch, and Mary Ok. Marks. Backside left to proper: Suzanne Munck af Rosenschold, Howard Shelanski, Caroline Ziser Smith, and Jesse Solomon. (Images courtesy of Davis Polk & Wardwell LLP)
As the primary month of the Trump administration involves an in depth, we offer updates on key developments in Trump 2.0 antitrust enforcement, notably centered on merger overview. Early hints recommend that the Trump administration could also be extra measured in transferring away from the Biden administration’s aggressive strategy on antitrust than many observers initially anticipated.
Within the early days of the second Trump administration, the Division of Justice (DOJ) and the Federal Commerce Fee (FTC) (collectively, the Businesses) have expressed help for sure Biden-era merger coverage and enforcement actions. It stays to be seen how the Businesses’ insurance policies will absolutely develop, particularly as Gail Slater, the following head of the Antitrust Division, and Mark Meador, nominated because the third Republican FTC Commissioner, have but to be confirmed. General, we nonetheless anticipate a usually extra pro-business strategy to antitrust enforcement in keeping with the primary Trump administration, together with renewed willingness on the Businesses to barter cures with merging events to resolve deal considerations. There are some early indicators, nonetheless, that the present administration could take a stronger strategy to antitrust enforcement than some could have initially anticipated, and isn’t seeking to make a dramatic break from the final administration. Beneath we offer a high-level abstract of key actions to this point.
As background, on December 18, 2023, the DOJ and FTC issued the ultimate model of the Biden administration’s revised merger tips (the Pointers).[1] The Pointers launched a number of important adjustments from the prior 2010 Horizontal Merger Pointers (the 2010 Pointers), together with:
- The Pointers lowered the HHI thresholds for making a presumption of anticompetitive results from the thresholds within the 2010 Pointers. In different phrases, the Businesses could discover mergers anticompetitive at decrease stage of markets shares and focus.
- The Pointers tightened the necessities for crediting merger efficiencies and adopted a tone that was considerably hostile to effectivity claims.
- The Pointers indicated a heightened give attention to serial acquisitions (e.g., roll-ups) and acquisitions of “nascent” opponents, together with a larger concern for the impression of mergers on labor markets.
There have been some expectations that the present Trump administration would possibly withdraw the Pointers and return to the 2010 Pointers in place throughout the first Trump administration. On February 18, 2025, nonetheless, FTC Chair Ferguson and Performing Assistant Lawyer Common (Performing AAG) for the DOJ Antitrust Division, Omeed Assefi, introduced that the FTC and DOJ, respectively, would proceed to use the Biden-era Pointers.[2]
This isn’t totally surprising, as Chair Ferguson has beforehand signaled that he didn’t suppose the Pointers would have to be withdrawn and as an alternative could possibly be reformed.[3] Notably, in his February 18 memo, asserting the choice to retain the Pointers, Chair Ferguson relied extra on the significance of “stability” in enforcement steerage than the specifics of the Pointers themselves, writing: “A recriminatory cycle of partisan rescissions won’t assist the economic system.” He added: “By and huge, the 2023 Merger Pointers are a restatement of prior iterations of the rules, and a mirrored image of what may be present in case regulation. That’s good purpose to retain them.” He went on to qualify his help considerably (“That’s not to say that the 2023 Merger Pointers are excellent. No tips are excellent”), and famous that he’s not ruling out future adjustments: “If expertise teaches that revisions are acceptable, then the businesses can contemplate revisions as they’ve accomplished previously.”[4]
Throughout her affirmation listening to, President Trump’s nominee to steer the DOJ Antitrust Division, Gail Slater, agreed with Chair Ferguson. She echoed a necessity for stability and the truth that “a lot of what’s within the present merger tips merely restates longstanding regulation.”[5] When requested what her strategy could be to investigating consolidation within the healthcare business, Ms. Slater replied, “I’d observe the authorized and financial framework described within the 2023 Merger Pointers. Healthcare competitors is a essential precedence due to its impacts on sufferers, caregivers, and our native communities.”[6]
Constructing on these alerts of help for the Pointers, within the first merger problem filed by the DOJ below the brand new Trump administration, looking for to dam the merger of Hewlett Packard Enterprise Firm and Juniper Networks, Inc., the DOJ grievance particularly relied on the Pointers (see additional dialogue of the case beneath).
It’s price noting that sure provisions of the Pointers, together with the factors listed above, don’t seem totally in keeping with court docket precedent (and a number of other courts have equally disagreed with the FTC and DOJ). Final October, Republican Commissioner Holyoak criticized the Pointers and indicated a willingness to rescind or revise the steerage, partially as a result of it downplays the position of economics in merger overview.[7]
On the similar time, the Pointers are a sign of the vary of points the Businesses could proceed to analyze in reviewing mergers, whether or not they can in the end kind the premise of a profitable problem or not. We’ll due to this fact hold an in depth watch on developments on the Businesses over the approaching weeks and months to see how they may overview offers and implement the Pointers in observe.
Along with ongoing help for the 2023 Pointers, a number of extra indicators sign continued, robust antitrust enforcement within the Trump administration. These embody the next developments:
- DOJ sues to dam the merger of Hewlett Packard Enterprise Firm (HPE) and Juniper Networks, Inc. (Juniper). Shortly after the inauguration, DOJ filed a grievance alleging that the $14 billion acquisition represents an effort by HPE to keep away from competitors with an rising rival (Juniper) by buying it as an alternative, and that the deal would mix the second- and third-largest suppliers of enterprise Wi-fi Native Space Community (WLAN), leaving 70% of the market within the fingers of simply two corporations (HPE and Cisco Techniques, Inc.)[8] This motion stunned some and prompted a WSJ editorial that requested: “Why is Trump letting Biden coverage go forward on antitrust and extra?” Whereas this is just one case, the transfer means that the Businesses will nonetheless be lively in merger enforcement below the brand new administration, although the grievance was licensed by Performing AAG Assefi, who is probably going to get replaced quickly. So far as offering alerts as to the Businesses’ enforcement posture going ahead, along with the grievance’s reliance on the Pointers, it is usually price noting that DOJ elected to problem the deal even if it had already been accredited by quite a few different antitrust enforcement Businesses, together with the European Fee and the UK’s Competitors and Markets Authority.[9]
- FTC Chair Ferguson helps new HSR guidelines. On February 10, 2025, important adjustments to the Hart-Scott-Rodino Act (HSR) Kind and Directions utilized by events to inform the Businesses of sure pending mergers and acquisitions went into impact.[10] The brand new guidelines require submitting events to supply considerably extra paperwork and data of their submissions, even for transactions that don’t pose aggressive considerations. There had been some hypothesis that the brand new Republican-led FTC would possibly delay and even withdraw the foundations. As a substitute, Chair Ferguson celebrated the brand new guidelines, stating that the updates “have been lengthy overdue,” lauding them as a “bipartisan consensus” that can permit the Businesses to “discover anticompetitive mergers effectively, whereas extra rapidly getting out of the best way of offers that can profit the American individuals.”[11]
- No restoration of withdrawn tips. A number of long-standing tips and coverage statements have been withdrawn on the finish of the Biden administration (e.g., the Well being Care coverage statements and the Pointers for Cooperation amongst Rivals). There was some hypothesis that these tips is likely to be restored, however the Businesses haven’t taken motion so far to take action.
It stays to be seen whether or not the Trump administration will observe the Biden administration on all fronts. For instance, throughout her affirmation listening to final week, Gail Slater indicated a larger willingness to settle considerations with offers by merger cures than her predecessor, Jonathan Kanter. Ms. Slater testified: “[R]emedies, if accomplished proper, in the event that they’re sturdy, divestitures, for instance, can take away any aggressive hurt from a merger so as to permit it to proceed in a pro-consumer, pro-competitive method.”[12] On the similar time, she recognized priorities that she described as “clear by strains from the tenures of AAG Delrahim, to AAG Kanter, to the antitrust insurance policies of this administration, on points such because the significance of defending employees, the dangers typically introduced by vertical mergers and dominant agency acquisitions of nascent opponents, and the essential want to forestall the monopolization of digital markets.”[13]
President Trump’s nominee for the fifth and last FTC Commissioner spot, Mark Meador, may have his first nomination listening to on February 25; the Fee is at present deadlocked on quite a lot of points with two Democratic and two Republican appointees.[14] Prior to now, Mr. Meador has expressed an urge for food for enforcement with regard to points like Huge Tech and AI, and he supported efforts by DOJ to undo the merger between Stay Nation and Ticketmaster throughout the Biden administration.[15]
Whereas we usually anticipate the deal atmosphere to be extra hospitable, early indicators recommend that the Trump Businesses should not altering course as rapidly or as utterly as some had predicted. To date, the FTC and DOJ have signaled continuation of a number of Biden-era priorities. Events ought to due to this fact not assume a simple path for important offers at this level, even when among the authorities skepticism towards transactions from the previous 4 years could also be diminishing. The anticipated affirmation of Ms. Slater and Mr. Meador may have a big impression on the Businesses’ priorities. We’ll proceed to supply updates on these developments.
[1] Merger Pointers, DOJ and FTC (Dec. 18, 2023), https://www.ftc.gov/system/information/ftc_gov/pdf/2023_merger_guidelines_final_12.18.2023.pdf. For an in-depth evaluation of the Pointers, see Davis Polk consumer replace, DOJ and FTC Launch Last Merger Pointers, Davis Polk & Wardwell LLP (Dec. 20, 2023); https://www.davispolk.com/insights/client-update/doj-and-ftc-release-final-merger-guidelines, and Davis Polk consumer replace, DOJ and FTC Launch Draft Merger Pointers, Davis Polk & Wardwell LLP (July 21, 2023), https://www.davispolk.com/insights/client-update/doj-and-ftc-release-draft-merger-guidelines.
[2] Memorandum from Andrew N. Ferguson, Chairman, Federal Commerce Fee, to FTC Workers, “Merger Pointers” (Feb. 18, 2025), https://www.ftc.gov/system/information/ftc_gov/pdf/ferguson-memo-re-merger-guidelines.pdf; Memorandum from Omeed Assefi, Performing Assistant Lawyer Common, Division of Justice Antitrust Division, to Antitrust Division Workers, “Use of the Antitrust Pointers” (Feb. 18, 2025), https://www.ftc.gov/news-events/information/press-releases/2025/02/ftc-chairman-andrew-n-ferguson-announces-ftc-dojs-joint-2023-merger-guidelines-are-effect.
[3] “A Dialog with FTC Commissioner Andrew Ferguson Hosted by Alden Abbott,” Mercatus Middle, George Mason College (Jun. 13, 2024), https://www.mercatus.org/occasions/2024/06/conversation-ftc-commissioner-andrew-ferguson-hosted-alden-abbott.
[4] Memorandum from FTC Chair Ferguson, at. 2.
[5] Abigail Slater, Responses to Written Questions of Senator Peter Welch for Listening to on “Nominations” (Feb. 17, 2025), https://www.judiciary.senate.gov/imo/media/doc/2025-02-12_-_qfr_responses_-_slater.pdf.
[6] Id.
[7] GOP FTC Commissioner Says She’d Contemplate Undoing Merger Steering, Bloomberg Regulation (Oct. 30, 2024), https://information.bloomberglaw.com/antitrust/gop-ftc-commissioner-says-shed-consider-repealing-merger-rules.
[8] Grievance, U.S. vs. Hewlett Packard Enterprise Co. and Juniper Networks, Inc., No. 5:25-cv-00951 (N.D. Cal, Jan. 30, 2025), https://www.justice.gov/opa/media/1387541/dl.
[9] Press Launch, “Fee approves acquisition of Juniper by HPE” (Jul. 31, 2024), https://ec.europa.eu/fee/presscorner/element/en/ip_24_4101; UK Competitors and Markets Authority, “Hewlett Packard Enterprise Firm / Juniper Networks, Inc. merger inquiry,” https://www.gov.uk/cma-cases/hewlett-packard-enterprise-company-slash-juniper-networks-inc-merger-inquiry.
[10] Last Rule, Premerger Notification; Reporting and Ready Interval Necessities (Last Rule), https://www.ftc.gov/system/information/ftc_gov/pdf/p110014hsrfinalrule.pdf. For an in depth overview of the brand new necessities, see Davis Polk consumer replace, U.S. antitrust businesses implement overhaul of HSR submitting requirement (Oct. 11, 2024), https://www.davispolk.com/insights/client-update/us-antitrust-agencies-implement-overhaul-hsr-filing-requirements.
[11] X Publish by @AFergusonFTC (Feb. 10, 2025 at 7:10 PM), https://x.com/AFergusonFTC/standing/1889104725624168453?mx=2.
[12] Listening to of the U.S. Senate Judiciary Committee, “Nominations” (Feb. 12, 2025), https://www.judiciary.senate.gov/committee-activity/hearings/02/12/2025/nominations.
[13] Abigail Slater, Responses to Written Questions of Senator Maizie Ok. Hirono for Listening to on “Nominations” (Feb. 17, 2025), https://www.judiciary.senate.gov/imo/media/doc/2025-02-12_-_qfr_responses_-_slater.pdf.
[14] Press Launch, “Senate Commerce Declares Nominations Listening to for Michael Kratsios to Lead the Workplace of Science and Expertise Coverage and Mark Meador to Function a Federal Commerce Commissioner” (Feb. 18, 2025), https://www.commerce.senate.gov/2025/2/senate-commerce-announces-nominations-hearing-for-michael-kratsios-to-lead-the-office-of-science-and-technology-policy-and-mark-meador-to-serve-as-a-federal-trade-commissioner.
[15] Davide Mamone, “Mark Meador: the exit interview,” World Competitors Evaluate (Jul. 3, 2023), https://globalcompetitionreview.com/gcr-usa/article/mark-meador-the-exit-interview. Mark Meador, “Ticketmaster’s ‘Legally Permissible’ Abuse of Monopoly Energy Received’t Fly,” Sportico (Jul. 18, 2024), https://www.sportico.com/regulation/evaluation/2024/ticketmasters-abuse-of-monopoly-power-wont-fly-1234789894/.
Sheila R. Adams James, Ronan P. Harty, Howard Shelanski,and Jesse Solomon are Companions and Christopher Lynch, Mary Ok. Marks, Suzanne Munck af Rosenschold, and Caroline Ziser Smith, are Counsel at Davis Polk & Wardwell LLP. This put up first appeared as a consumer replace for the agency.
The views, opinions and positions expressed inside all posts are these of the creator(s) alone and don’t symbolize these of the Program on Company Compliance and Enforcement (PCCE) or of the New York College Faculty of Regulation. PCCE makes no representations as to the accuracy, completeness and validity or any statements made on this web site and won’t be liable any errors, omissions or representations. The copyright of this content material belongs to the creator(s) and any legal responsibility almost about infringement of mental property rights stays with the creator(s).
by Sheila R. Adams James, Ronan P. Harty, Christopher Lynch, Mary Ok. Marks, Suzanne Munck af Rosenschold, Howard Shelanski, Caroline Ziser Smith, and Jesse Solomon
High left to proper: Sheila R. Adams James, Ronan P. Harty, Christopher Lynch, and Mary Ok. Marks. Backside left to proper: Suzanne Munck af Rosenschold, Howard Shelanski, Caroline Ziser Smith, and Jesse Solomon. (Images courtesy of Davis Polk & Wardwell LLP)
As the primary month of the Trump administration involves an in depth, we offer updates on key developments in Trump 2.0 antitrust enforcement, notably centered on merger overview. Early hints recommend that the Trump administration could also be extra measured in transferring away from the Biden administration’s aggressive strategy on antitrust than many observers initially anticipated.
Within the early days of the second Trump administration, the Division of Justice (DOJ) and the Federal Commerce Fee (FTC) (collectively, the Businesses) have expressed help for sure Biden-era merger coverage and enforcement actions. It stays to be seen how the Businesses’ insurance policies will absolutely develop, particularly as Gail Slater, the following head of the Antitrust Division, and Mark Meador, nominated because the third Republican FTC Commissioner, have but to be confirmed. General, we nonetheless anticipate a usually extra pro-business strategy to antitrust enforcement in keeping with the primary Trump administration, together with renewed willingness on the Businesses to barter cures with merging events to resolve deal considerations. There are some early indicators, nonetheless, that the present administration could take a stronger strategy to antitrust enforcement than some could have initially anticipated, and isn’t seeking to make a dramatic break from the final administration. Beneath we offer a high-level abstract of key actions to this point.
As background, on December 18, 2023, the DOJ and FTC issued the ultimate model of the Biden administration’s revised merger tips (the Pointers).[1] The Pointers launched a number of important adjustments from the prior 2010 Horizontal Merger Pointers (the 2010 Pointers), together with:
- The Pointers lowered the HHI thresholds for making a presumption of anticompetitive results from the thresholds within the 2010 Pointers. In different phrases, the Businesses could discover mergers anticompetitive at decrease stage of markets shares and focus.
- The Pointers tightened the necessities for crediting merger efficiencies and adopted a tone that was considerably hostile to effectivity claims.
- The Pointers indicated a heightened give attention to serial acquisitions (e.g., roll-ups) and acquisitions of “nascent” opponents, together with a larger concern for the impression of mergers on labor markets.
There have been some expectations that the present Trump administration would possibly withdraw the Pointers and return to the 2010 Pointers in place throughout the first Trump administration. On February 18, 2025, nonetheless, FTC Chair Ferguson and Performing Assistant Lawyer Common (Performing AAG) for the DOJ Antitrust Division, Omeed Assefi, introduced that the FTC and DOJ, respectively, would proceed to use the Biden-era Pointers.[2]
This isn’t totally surprising, as Chair Ferguson has beforehand signaled that he didn’t suppose the Pointers would have to be withdrawn and as an alternative could possibly be reformed.[3] Notably, in his February 18 memo, asserting the choice to retain the Pointers, Chair Ferguson relied extra on the significance of “stability” in enforcement steerage than the specifics of the Pointers themselves, writing: “A recriminatory cycle of partisan rescissions won’t assist the economic system.” He added: “By and huge, the 2023 Merger Pointers are a restatement of prior iterations of the rules, and a mirrored image of what may be present in case regulation. That’s good purpose to retain them.” He went on to qualify his help considerably (“That’s not to say that the 2023 Merger Pointers are excellent. No tips are excellent”), and famous that he’s not ruling out future adjustments: “If expertise teaches that revisions are acceptable, then the businesses can contemplate revisions as they’ve accomplished previously.”[4]
Throughout her affirmation listening to, President Trump’s nominee to steer the DOJ Antitrust Division, Gail Slater, agreed with Chair Ferguson. She echoed a necessity for stability and the truth that “a lot of what’s within the present merger tips merely restates longstanding regulation.”[5] When requested what her strategy could be to investigating consolidation within the healthcare business, Ms. Slater replied, “I’d observe the authorized and financial framework described within the 2023 Merger Pointers. Healthcare competitors is a essential precedence due to its impacts on sufferers, caregivers, and our native communities.”[6]
Constructing on these alerts of help for the Pointers, within the first merger problem filed by the DOJ below the brand new Trump administration, looking for to dam the merger of Hewlett Packard Enterprise Firm and Juniper Networks, Inc., the DOJ grievance particularly relied on the Pointers (see additional dialogue of the case beneath).
It’s price noting that sure provisions of the Pointers, together with the factors listed above, don’t seem totally in keeping with court docket precedent (and a number of other courts have equally disagreed with the FTC and DOJ). Final October, Republican Commissioner Holyoak criticized the Pointers and indicated a willingness to rescind or revise the steerage, partially as a result of it downplays the position of economics in merger overview.[7]
On the similar time, the Pointers are a sign of the vary of points the Businesses could proceed to analyze in reviewing mergers, whether or not they can in the end kind the premise of a profitable problem or not. We’ll due to this fact hold an in depth watch on developments on the Businesses over the approaching weeks and months to see how they may overview offers and implement the Pointers in observe.
Along with ongoing help for the 2023 Pointers, a number of extra indicators sign continued, robust antitrust enforcement within the Trump administration. These embody the next developments:
- DOJ sues to dam the merger of Hewlett Packard Enterprise Firm (HPE) and Juniper Networks, Inc. (Juniper). Shortly after the inauguration, DOJ filed a grievance alleging that the $14 billion acquisition represents an effort by HPE to keep away from competitors with an rising rival (Juniper) by buying it as an alternative, and that the deal would mix the second- and third-largest suppliers of enterprise Wi-fi Native Space Community (WLAN), leaving 70% of the market within the fingers of simply two corporations (HPE and Cisco Techniques, Inc.)[8] This motion stunned some and prompted a WSJ editorial that requested: “Why is Trump letting Biden coverage go forward on antitrust and extra?” Whereas this is just one case, the transfer means that the Businesses will nonetheless be lively in merger enforcement below the brand new administration, although the grievance was licensed by Performing AAG Assefi, who is probably going to get replaced quickly. So far as offering alerts as to the Businesses’ enforcement posture going ahead, along with the grievance’s reliance on the Pointers, it is usually price noting that DOJ elected to problem the deal even if it had already been accredited by quite a few different antitrust enforcement Businesses, together with the European Fee and the UK’s Competitors and Markets Authority.[9]
- FTC Chair Ferguson helps new HSR guidelines. On February 10, 2025, important adjustments to the Hart-Scott-Rodino Act (HSR) Kind and Directions utilized by events to inform the Businesses of sure pending mergers and acquisitions went into impact.[10] The brand new guidelines require submitting events to supply considerably extra paperwork and data of their submissions, even for transactions that don’t pose aggressive considerations. There had been some hypothesis that the brand new Republican-led FTC would possibly delay and even withdraw the foundations. As a substitute, Chair Ferguson celebrated the brand new guidelines, stating that the updates “have been lengthy overdue,” lauding them as a “bipartisan consensus” that can permit the Businesses to “discover anticompetitive mergers effectively, whereas extra rapidly getting out of the best way of offers that can profit the American individuals.”[11]
- No restoration of withdrawn tips. A number of long-standing tips and coverage statements have been withdrawn on the finish of the Biden administration (e.g., the Well being Care coverage statements and the Pointers for Cooperation amongst Rivals). There was some hypothesis that these tips is likely to be restored, however the Businesses haven’t taken motion so far to take action.
It stays to be seen whether or not the Trump administration will observe the Biden administration on all fronts. For instance, throughout her affirmation listening to final week, Gail Slater indicated a larger willingness to settle considerations with offers by merger cures than her predecessor, Jonathan Kanter. Ms. Slater testified: “[R]emedies, if accomplished proper, in the event that they’re sturdy, divestitures, for instance, can take away any aggressive hurt from a merger so as to permit it to proceed in a pro-consumer, pro-competitive method.”[12] On the similar time, she recognized priorities that she described as “clear by strains from the tenures of AAG Delrahim, to AAG Kanter, to the antitrust insurance policies of this administration, on points such because the significance of defending employees, the dangers typically introduced by vertical mergers and dominant agency acquisitions of nascent opponents, and the essential want to forestall the monopolization of digital markets.”[13]
President Trump’s nominee for the fifth and last FTC Commissioner spot, Mark Meador, may have his first nomination listening to on February 25; the Fee is at present deadlocked on quite a lot of points with two Democratic and two Republican appointees.[14] Prior to now, Mr. Meador has expressed an urge for food for enforcement with regard to points like Huge Tech and AI, and he supported efforts by DOJ to undo the merger between Stay Nation and Ticketmaster throughout the Biden administration.[15]
Whereas we usually anticipate the deal atmosphere to be extra hospitable, early indicators recommend that the Trump Businesses should not altering course as rapidly or as utterly as some had predicted. To date, the FTC and DOJ have signaled continuation of a number of Biden-era priorities. Events ought to due to this fact not assume a simple path for important offers at this level, even when among the authorities skepticism towards transactions from the previous 4 years could also be diminishing. The anticipated affirmation of Ms. Slater and Mr. Meador may have a big impression on the Businesses’ priorities. We’ll proceed to supply updates on these developments.
[1] Merger Pointers, DOJ and FTC (Dec. 18, 2023), https://www.ftc.gov/system/information/ftc_gov/pdf/2023_merger_guidelines_final_12.18.2023.pdf. For an in-depth evaluation of the Pointers, see Davis Polk consumer replace, DOJ and FTC Launch Last Merger Pointers, Davis Polk & Wardwell LLP (Dec. 20, 2023); https://www.davispolk.com/insights/client-update/doj-and-ftc-release-final-merger-guidelines, and Davis Polk consumer replace, DOJ and FTC Launch Draft Merger Pointers, Davis Polk & Wardwell LLP (July 21, 2023), https://www.davispolk.com/insights/client-update/doj-and-ftc-release-draft-merger-guidelines.
[2] Memorandum from Andrew N. Ferguson, Chairman, Federal Commerce Fee, to FTC Workers, “Merger Pointers” (Feb. 18, 2025), https://www.ftc.gov/system/information/ftc_gov/pdf/ferguson-memo-re-merger-guidelines.pdf; Memorandum from Omeed Assefi, Performing Assistant Lawyer Common, Division of Justice Antitrust Division, to Antitrust Division Workers, “Use of the Antitrust Pointers” (Feb. 18, 2025), https://www.ftc.gov/news-events/information/press-releases/2025/02/ftc-chairman-andrew-n-ferguson-announces-ftc-dojs-joint-2023-merger-guidelines-are-effect.
[3] “A Dialog with FTC Commissioner Andrew Ferguson Hosted by Alden Abbott,” Mercatus Middle, George Mason College (Jun. 13, 2024), https://www.mercatus.org/occasions/2024/06/conversation-ftc-commissioner-andrew-ferguson-hosted-alden-abbott.
[4] Memorandum from FTC Chair Ferguson, at. 2.
[5] Abigail Slater, Responses to Written Questions of Senator Peter Welch for Listening to on “Nominations” (Feb. 17, 2025), https://www.judiciary.senate.gov/imo/media/doc/2025-02-12_-_qfr_responses_-_slater.pdf.
[6] Id.
[7] GOP FTC Commissioner Says She’d Contemplate Undoing Merger Steering, Bloomberg Regulation (Oct. 30, 2024), https://information.bloomberglaw.com/antitrust/gop-ftc-commissioner-says-shed-consider-repealing-merger-rules.
[8] Grievance, U.S. vs. Hewlett Packard Enterprise Co. and Juniper Networks, Inc., No. 5:25-cv-00951 (N.D. Cal, Jan. 30, 2025), https://www.justice.gov/opa/media/1387541/dl.
[9] Press Launch, “Fee approves acquisition of Juniper by HPE” (Jul. 31, 2024), https://ec.europa.eu/fee/presscorner/element/en/ip_24_4101; UK Competitors and Markets Authority, “Hewlett Packard Enterprise Firm / Juniper Networks, Inc. merger inquiry,” https://www.gov.uk/cma-cases/hewlett-packard-enterprise-company-slash-juniper-networks-inc-merger-inquiry.
[10] Last Rule, Premerger Notification; Reporting and Ready Interval Necessities (Last Rule), https://www.ftc.gov/system/information/ftc_gov/pdf/p110014hsrfinalrule.pdf. For an in depth overview of the brand new necessities, see Davis Polk consumer replace, U.S. antitrust businesses implement overhaul of HSR submitting requirement (Oct. 11, 2024), https://www.davispolk.com/insights/client-update/us-antitrust-agencies-implement-overhaul-hsr-filing-requirements.
[11] X Publish by @AFergusonFTC (Feb. 10, 2025 at 7:10 PM), https://x.com/AFergusonFTC/standing/1889104725624168453?mx=2.
[12] Listening to of the U.S. Senate Judiciary Committee, “Nominations” (Feb. 12, 2025), https://www.judiciary.senate.gov/committee-activity/hearings/02/12/2025/nominations.
[13] Abigail Slater, Responses to Written Questions of Senator Maizie Ok. Hirono for Listening to on “Nominations” (Feb. 17, 2025), https://www.judiciary.senate.gov/imo/media/doc/2025-02-12_-_qfr_responses_-_slater.pdf.
[14] Press Launch, “Senate Commerce Declares Nominations Listening to for Michael Kratsios to Lead the Workplace of Science and Expertise Coverage and Mark Meador to Function a Federal Commerce Commissioner” (Feb. 18, 2025), https://www.commerce.senate.gov/2025/2/senate-commerce-announces-nominations-hearing-for-michael-kratsios-to-lead-the-office-of-science-and-technology-policy-and-mark-meador-to-serve-as-a-federal-trade-commissioner.
[15] Davide Mamone, “Mark Meador: the exit interview,” World Competitors Evaluate (Jul. 3, 2023), https://globalcompetitionreview.com/gcr-usa/article/mark-meador-the-exit-interview. Mark Meador, “Ticketmaster’s ‘Legally Permissible’ Abuse of Monopoly Energy Received’t Fly,” Sportico (Jul. 18, 2024), https://www.sportico.com/regulation/evaluation/2024/ticketmasters-abuse-of-monopoly-power-wont-fly-1234789894/.
Sheila R. Adams James, Ronan P. Harty, Howard Shelanski,and Jesse Solomon are Companions and Christopher Lynch, Mary Ok. Marks, Suzanne Munck af Rosenschold, and Caroline Ziser Smith, are Counsel at Davis Polk & Wardwell LLP. This put up first appeared as a consumer replace for the agency.
The views, opinions and positions expressed inside all posts are these of the creator(s) alone and don’t symbolize these of the Program on Company Compliance and Enforcement (PCCE) or of the New York College Faculty of Regulation. PCCE makes no representations as to the accuracy, completeness and validity or any statements made on this web site and won’t be liable any errors, omissions or representations. The copyright of this content material belongs to the creator(s) and any legal responsibility almost about infringement of mental property rights stays with the creator(s).
