FTC Decision Highlights Growing Divide On Vertical Mergers
By Daniel Hemli and Jacqueline Java ( February 7, 2019, 1:37 PM EST) -- The past couple of years have seen an increase in large "vertical" mergers, combinations of businesses operating within the same industry but at different levels of the supply chain. Some of the most high profile include AT&T Inc./Time Warner Cable, Cigna/Express Scripts, and CVS Pharmacy/Aetna Inc. A recent Federal Trade Commission enforcement action involving a vertical merger between Staples Inc. and Essendant Inc. has highlighted the intensifying debate regarding the competitive benefits and harms resulting from vertical integration, as well as starkly divergent views between individual commissioners over various aspects of merger review. This has practical consequences for companies considering such transactions, including a likelihood of more and longer investigations for certain types of deals....
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