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The Draft Merger Guidelines Risk Reducing Innovation
Promarket
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The draft Merger Guidelines released by the United States Department of Justice and the Federal Trade Commission (the Agencies) on July 19 feature many significant changes from earlier Guidelines. Of the 13 guidelines highlighted in the draft, two are particularly new and important for tech acquisitions. One is Guideline #4, which states that “mergers should not eliminate a potential entrant in a concentrated market.” The other is Guideline #9, which says that “when a merger is part of a series of multiple acquisitions, the agencies may examine the whole series” (emphases added).