A Commentary on Presenting Efficiencies in a Horizontal Merger Review

63 Pages Posted: 10 Jun 2022 Last revised: 10 Nov 2022

See all articles by Malcolm B. Coate

Malcolm B. Coate

Independent

Arthur DelBuono

Government of the United States of America - Federal Trade Commission

Date Written: November 9, 2022

Abstract

The rise of unilateral effects analysis has significantly increased the importance of presenting a comprehensive review of the efficiencies relevant to a potentially problematic merger. Although numerous articles address efficiencies from a theoretical point of view, few practical commentaries exist. This paper provides an extensive discussion intended to aid firms in their efficiency presentations. A range of options for addressing the cognizability of efficiencies (focused on validity, verification, and merger specificity) and the balancing of anticompetitive effects with efficiencies are considered. Although the merging parties might not be able to fully evaluate every issue noted in this overview, a good faith effort to provide a comprehensive analysis should enhance the consideration given to their claims by the enforcement agencies and if relevant, the courts

Keywords: mergers, efficiencies, competitive effects, balancing, merger guidelines, antitrust

JEL Classification: K21, L40

Suggested Citation

Coate, Malcolm B. and DelBuono, Arthur, A Commentary on Presenting Efficiencies in a Horizontal Merger Review (November 9, 2022). Available at SSRN: https://ssrn.com/abstract=4127486 or http://dx.doi.org/10.2139/ssrn.4127486

Arthur DelBuono

Government of the United States of America - Federal Trade Commission ( email )

600 Pennsylvania Ave., NW
Washington, DC 20580
United States

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