The Efficiencies Defense: What Would High Court Do?
By Joe Miller, Shawn Johnson, Lauren Patterson and Jesse Martin ( May 22, 2017, 10:32 AM EDT) -- Over the past two years, Anthem's proposed acquisition of Cigna has generated a seemingly endless series of headlines regarding the companies' antitrust defense, internal power struggles, and, most recently, Anthem's fight to keep the deal alive. Despite filing an appeal to the U.S. Supreme Court — Anthem's last shot at overturning the injunction prohibiting the transaction — Anthem officially called off the $54 billion deal recently, effectively mooting the cert petition. In addition to signaling the end of one of the most watched antitrust litigations in recent memory, the move also leaves unanswered several important questions Anthem had raised regarding the appropriate treatment of efficiencies in a merger challenge....
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