Munger, Tolles & Olson partner Rohit Singla was quoted in an article titled “Merger Guidelines Update To Bring Some Clarity Amid Declining M&A,” published by both Policy and Regulatory Report and Dealreporter.
The article focused on the expected release of new merger guidelines being developed by the Department of Justice Antitrust Division and the Federal Trade Commission.
Mr. Singla discussed what changes in the guidelines could suggest. An important indicator, according to Mr. Singla, will be whether there continues to be a distinction between horizontal and vertical merger guidance or whether there will be a single set of guidelines that cover both. A single set would suggest a diminished appreciation for the notion that vertical mergers are less likely to result in anti-competitive effects and acknowledgement that vertical mergers should be scrutinized as closely as horizontal mergers. If so, Mr. Singla added, this would send a strong signal that agencies are more skeptical of the competitive benefits of acquisitions and mergers.
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