Hsi

 

Merger Antitrust Law (2019)

Dale Collins
Georgetown University Law Center

NB: "±" indicates that the hyperlink will take you to another site.

Home page
Topical index
Case studies index

 

    I

 

This page contains the memorandum introducing the course, class schedule, reading materials, and class notes for the Merger Antitrust Law course taught during the 2019 fall semester at Georgetown. It also contains links to related supplemental materials on the Applied Antitrust web site. There is no textbook for this course. Everything you need will be linked to this page.

Memorandum introducing the course

Class schedule 1.1 (revised September 15, 2019)

 
 
Required Reading
Comments and Optional Reading

Unit 1

Introduction to Merger Antitrust Law: Substance and Process

Unit 1 class slides (this collects all of the slides used in class for Unit 1 from Classes 1 and 2)

Class 1

Tuesday, September 3

Introduction
TransDigm/Takata

Memorandum introducing the course

Class schedule

Class 1 reading guidance

Unit 1 reading materials

Merger Antitrust Law: Introduction to Substance and Process (class notes)

Class 1 homework assignment

Antitrust Law: Hornbooks and Other Antitrust Study Aids

Demand curves and consumer surplus (YouTube videos):

Marginal Revolution University, The Demand Curve

Marginal Revolution University, A Deeper Look at the Demand Curve

Marginal Revolution University, What Is Deadweight Loss?

 

Class 1 class slides (first half of Unit 1) (as used in class)

Unit 2

Predicting Merger Antitrust Enforcement Challenges

Unit 2 class slides

Class 2

Thursday, September 5

Predicting merger antitrust enforcement challenges
DOJ/FTC 2010 Horizontal Merger Guidelines

Class 2 reading guidance

Unit 2 reading materials

Predicting Merger Antitrust Enforcement Challenges (class notes)

Class 2 homework assignment

Class 2 slides (second half of Unit 1 + first half of Unit 2) (as used in class)

Unit 3

The DOJ/FTC Merger Review Process

Unit 3 class slides

For additional supplemental materials, see 13. DOJ/FTC Merger Review and Settlement Procedures in AppliedAntitrust.com

Class 3

Tuesday, September 10

Premerger notification

Class 3-4 reading guidance

Unit 3 reading materials

The DOJ/FTC Merger Review Process (class notes)

Class 3 homework assignment

Instructor's answer

Albertsons/Safeway case study (complete)

Class 3 slides (second half of Unit 2 + first half of Unit 3) (as used in class)


Class 4

Thursday, September 12

Investigations

Same materials as for Class 3

Class 4 homework assignment

Instructor's answer

Class 4 slides (second half of Unit 3) (as used in class)

DOJ Model Second Request (Nov. 28, 2016)

FTC Model Second Request (August 2015)

Makan Delrahim, It Takes Two:Modernizing the Merger Review Process, Prepared Remarks Before the 2018 Global Antitrust Enforcement Symposium, Washington, DC (Sept. 25, 2018)

Unit 4

Merger Antitrust Litigation

Unit 4 class slides (same as Class 5 slides)

For additional supplemental materials, see 14. Merger Antitrust Litigation in AppliedAntitrust.com

Class 5

Tuesday, September 17

Class 5 reading guidance

Unit 4 reading materials

Merger Antitrust Litigation (class notes)

Class 5 homework assignment

Class 5 slides (Unit 4) (as used in class)

T-Mobile/Sprint Case Study: Introduction and the States' Complaint

T-Mobile/Sprint: An Introduction to the Deal (class slides)

Redacted Second Amended Complaint (Aug. 15, 2019)

Joint Civil Case Management Plan and Scheduling Order (Aug. 20, 2019)

For more materials on T-Mobile/Sprint merger, click here

Unit 5

Settlements

 

For additional supplemental materials, see DOJ/FTC Merger Review and Settlement Procedures in AppliedAntitrust.com

Class 6

Thursday, September 19

Class 6 reading guidance

Unit 5 reading materials

Merger Antitrust Settlements (class notes)

There is no homework assignment for this class

Albertsons/Safeway case study (complete)
TransDigm/Takata case study (complete)

Agency materials: FTC

Fed. Trade Comm'n, The FTC’s Merger Remedies 2006-2012: A Report of the Bureaus of Competition and Economics (Jan. 2017) (FTC news release)

Dan Ducore & Naomi Licker, Bureau of Competition, Fed. Trade Comm'n, Looking Back (Again) at FTC Merger Remedies (Feb. 3, 2017)

Fed. Trade Comm'n, Bur. of Competition, Frequently Asked Questions About Merger Consent Order Provisions (downloaded Augut 8, 2019)

Deborah L. Feinstein, Dir., Bureau of Competition, Fed. Trade Comm'n, The Significance of Consent Orders in the Federal Trade Commission’s Competition Enforcement Efforts (Sept. 17, 2013)

Agency materials: DOJ

Makan Delrahim,Ass't Att'y Gen., U.S. Dep't f Justice, Antitrust Div., Improving the Antitrust Consensus, Prepared Remarks Before the New York State Bar Association Antitrust Section, New York, NY (Jan. 25, 2018)

U.S. Dep't of Justice, Antitrust Div., Antitrust Division Manual Ch. 4 D: Negotiating and Entering Consent Decrees (5th ed. updated Mar. 2014)

U.S. Dep't of Justice, Antitrust Div., Antitrust Division Policy Guide to Merger Remedies (rev. June 2011) (news release)

Other materials

Jonathan M. Jacobson, Issues in Antitrust Consent Decrees, Presented to the Department of Justice Antitrust Division (Apr. 26, 2018)

Unit 6

A Case Study Problem

 

Class 7

Tuesday, September 24

 

Class 7 reading guidance

Unit 6 reading materials

There are no class notes for this class. Spend your time working onthe homework problem.

Class 7 homework assignment

Walgreens Boots Alliance, Inc., Form 8-K (filed Oct. 29, 2015) (containing merger agreement)

Some additional background on the original transaction

± Dana Mattioli, Michael Siconolfi & Dana Cimilluca, Walgreens, Rite Aid Unite to Create Drugstore Giant, Wall St. J., Oct. 27, 2015.

± Michael J. de la Merced & Hiroko Tabuchi, Walgreens to Buy Rite Aid for $9.4 Billion, N.Y. Times DealB%k, Oct. 27, 2015.

Unit 7

Hertz/Avis Budget/Dollar Thrifty

For a more complete collection of primary sources and commentary on the Hertz/Avis Budget/Dollar Thrifty machinations than in the reading materials, including press releases, investor presentations, SEC filings, background information, and commentary, click here.

Class 8

Thursday, September 26

The 2010 Hertz/Dollar Thrify deal

 

Class 8 reading guidance

Unit 7 reading materials

There are no class notes for this class

Class 8 homework assignment

 

Class 9

Tuesday, October 1

Antitrust considerations and the merger agreement

Class 9 reading guidance

Unit 7 reading materials

Allocating Antitrust Risk in Merger Agreements (class notes)

Class 9 homework assignment

For a collection of antitrust-related provisions appearing in merger agreements, see Dale Collins, Sample Antitrust-Related Provisions in M&A Agreements, AntitrustUnpacked.com (July 2, 2018)

Class 10

Thursday, October 3

The merger agreement (con't)
The bidding war with Avis
FTC review and settlement
Aftermath

 

Class 10 reading guidance

Unit 7 reading materials

Review Allocating Antitrust Risk in Merger Agreements (class notes) as necessary

There are no additional class notes for this class

Class 10 homework assignment

For a collection on SEC materials and press releases on the bidding war for Dollar Thrifty between Hertz and Avis Budget, click here.