....The Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) is a quarterly release from Dechert LLP reporting on trends in significant merger control investigations in the United States (U.S.) and European Union...more
7/25/2020
/ Antitrust Investigations ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
EU ,
EU Merger Directive ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Health Care Providers ,
Merger Controls ,
Merger Remedies ,
Mergers ,
Pharmaceutical Industry ,
Phase II ,
Popular ,
Vertical Mergers
Fast Facts -
United States
- The COVID-19 pandemic has yet to slow U.S. merger enforcement, with deal reviews for Q1 2020 averaging 11.1 months in length, slightly below the 11.9 month average for CY 2019.
- The...more
On April 8, 2020, Judge Leonard Stark of the U.S. District Court for the District of Delaware denied an injunction requested by the Antitrust Division of the U.S. Department of Justice (“DOJ”) to block Sabre Corp.’s $360...more
Fast Facts -
United States -
- The DOJ and FTC concluded 26 significant U.S. merger investigations in 2019 – similar to the level of activity from 2011-2014 under the Obama administration but trailing the activity...more
2/1/2020
/ Antitrust Investigations ,
Antitrust Litigation ,
Blocked Mergers ,
Department of Justice (DOJ) ,
EU ,
European Commission ,
European Merger Control Regulation ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Controls ,
Merger Remedies ,
Merger Reviews ,
Mergers ,
Phase II ,
Technology Sector ,
Trump Administration ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
United States
Fast Facts -
United States -
- The Trump administration’s efforts to block mergers near record, with 5 significant investigations resulting in complaints in 2019 YTD.
- The number of significant antitrust merger...more
11/8/2019
/ Acquisitions ,
Antitrust Investigations ,
Blocked Mergers ,
Department of Justice (DOJ) ,
Divestiture ,
EU ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Controls ,
Mergers ,
Remedies ,
Trump Administration
Fast Facts -
United States -
U.S. antitrust enforcement agencies concluded 20 “significant investigations” during the rolling-twelve months (RTM) ended Q2 2019, down from 28 for the RTM ended Q2 2018....more
7/31/2019
/ Acquisitions ,
Antitrust Investigations ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
European Commission ,
European Merger Control Regulation ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Healthcare Facilities ,
Mergers ,
Pharmaceutical Industry ,
Remedies ,
Technology Sector
Question: Can a company have both an effective antitrust compliance program and an antitrust violation?
DOJ before June 11, 2019: Nope.
DOJ today: Yes, and your company may even get a deferred prosecution agreement if...more
7/15/2019
/ Antitrust Violations ,
Board of Directors ,
Chief Compliance Officers ,
Compliance ,
Corporate Counsel ,
Criminal Antitrust Litigation ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Employee Training ,
Incentives ,
Internal Controls ,
New Guidance ,
Recordkeeping Requirements ,
Risk Assessment ,
Risk Mitigation
Fast Facts -
United States
- The number of significant U.S. antitrust merger investigations declined almost 40% during the 12 months ending in Q1 2019 compared to the prior rolling 12 months (RTM).
- The average...more
Fast Facts
- In the U.S., the number of significant antitrust merger investigations in 2018 reached a near-record low over DAMITT’s eight years of data, while their average duration remained near the record high.
- In...more
1/30/2019
/ Antitrust Investigations ,
Antitrust Litigation ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
EU ,
EU Merger Directive ,
European Commission ,
European Merger Control Regulation ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Controls ,
Mergers ,
No-Deal Brexit ,
Obama Administration ,
Phase II ,
Remedies ,
Trump Administration ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Vertical Mergers
Citing findings from the Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) that have demonstrated a marked increase in the duration of significant merger investigations in recent years, DOJ Assistant Attorney...more
10/13/2018
/ Antitrust Investigations ,
Antitrust Litigation ,
Department of Justice (DOJ) ,
Discovery ,
EU ,
EU Merger Directive ,
European Commission ,
Federal Trade Commission (FTC) ,
Merger Controls ,
Mergers ,
Preliminary Injunctions ,
Remedies
Fast Facts
- The numbers of significant antitrust merger investigations in the U.S. and the EU both are on pace to match 2017 levels.
- Bayer/Monsanto was resolved after a more than 24-month investigation in the U.S., the...more
7/20/2018
/ Acquisitions ,
Antitrust Investigations ,
AT&T ,
Bayer ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
European Commission ,
Federal Trade Commission (FTC) ,
Mergers ,
Monsanto
Fast Facts
- There are signs that the six-year trend toward longer significant investigations may be slowing or reversing.
- Significant U.S. merger investigations lasted an average of 9.7 months in Q1 2018, the second...more
4/13/2018
/ Antitrust Investigations ,
Antitrust Litigation ,
AT&T ,
Bayer ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
European Merger Control Regulation ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Merger Controls ,
Mergers ,
Monsanto ,
Time Warner ,
Trump Administration
Fast Facts -
The length of significant U.S. merger investigations climbed to an average of 10.8 months in 2017, a new DAMITT record, despite the number of investigations dropping by more than 20%.
There are signs of a...more
Fast Facts:
- The number of significant merger investigations was down 25% on both a YTD and RTM basis
- Only one significant investigation resulted in a complaint in 2017 YTD (two on an RTM basis), down about 80%
-...more
Fast Facts -
The number of significant merger investigations was down slightly to 12 in 1H 2017 compared to 14 in 1H 2016, and 31 on a Rolling Twelve Months (RTM) basis compared to 36 during the prior period....more
Fast Facts
- Significant merger investigations lasted an average of 9.9 months in 2016, a new DAMITT record.
- The 33 significant investigations in 2016 were the second most in the past six years, but down...more
Fast Facts -
- In the first three quarters of 2016, there were 24 significant merger investigations, which is on pace to challenge the record of 37 set in CY2015.
- Significant merger investigations through Q3 2016...more
Fast Facts -
- Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.
- In the first half of 2016,...more
Key Points:
The FTC is raising the maximum civil penalty that may be imposed for certain violations from $16,000 to $40,000.
For HSR Act violations, where penalties may be imposed for each day the person is in...more
7/1/2016
/ Antitrust Violations ,
Civil Monetary Penalty ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ,
Federal Trade Commission (FTC) ,
FTC Act ,
Hart-Scott-Rodino Act ,
Mergers ,
Premerger Notifications ,
Reporting Requirements ,
Threshold Requirements ,
Unfair or Deceptive Trade Practices
The Trend of Longer Investigations Continues -
Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than the 8.0 month average over the prior 12 months. The...more
A new version of the Russian Competition Law amended by the so-called ‘fourth antimonopoly package’ (the “275 Law”) came into effect on January 5, 2016 (except for certain minor provisions with an earlier effective date). The...more
Dechert’s Antitrust Merger Investigation Timing Tracker (DAMITT) is at it again compiling data from 2015.
Fast Facts -
- Merger investigations in 2015 took an average of
9.6 months to conduct (more than 1/3...more
Dechert’s Antitrust Merger Investigation Timing Tracker (DAMITT) finds that significant antitrust merger investigations in the U.S. currently are taking 10 months which is about 30%-40% longer than in prior years....more
The U.S. Federal Trade Commission (“FTC”) issued a data report on January 4 regarding its horizontal merger investigation and enforcement action record over the past fifteen years. The report shows, sector by-sector, the...more
The Federal Trade Commission (“FTC”) announced on January 10, 2013 that the dollar-based thresholds applicable to the Hart-Scott-Rodino (“HSR”) premerger notification program will be raised 4.0 percent from the 2012 levels....more