2023 U.S. Merger Guidelines: Experts Weigh In on Changes and Uncertainty
The 2023 U.S. Merger Guidelines were the focus of a recent conference, with three main panels delving into the key changes, implications, and practical impacts on the stock market today. The event, co-hosted by CCIA and Concurrences, featured insights from prominent antitrust authorities and experts.
Maureen Ohlhausen, a former FTC commissioner, highlighted the FTC's stance against mergers, preferring organic growth over acquisitions. Leslie Overton discussed the current administration's focus on market concentration, noting the uncertainty this brings to companies. Loren Smith remarked on the inclusion of a market share threshold for vertical mergers, also pointing out the uncertainty it creates on the stock market.
Ilene Gotts and Noah Phillips, a former FTC commissioner, discussed key issues regarding the Guidelines, centering on potential competition and market concentration theories. Shaoul Sussman noted the FTC's focus on eliminating head-to-head competition and their readiness for litigation. Diana Moss pointed out changes from the draft Guidelines, critiques, and missed opportunities in the final version. Sean Sullivan moderated a discussion with authors of the CCIA/Concurrences publication, exploring their expectations for U.S. merger policy and enforcement on the stock market.
The conference provided a comprehensive review of the 2023 U.S. Merger Guidelines, with experts offering insights into the changes, implications, and uncertainties they bring to the stock market today. The event, co-hosted by CCIA and Concurrences, served as a platform for dialogue and understanding of the new Guidelines.
