The merger review process: the Canadian experience

Article Abstract:

The compliance approach to merger review adopted in Canada with the passage of the Competition Act in 1986 benefits businesses subject to review, antitrust enforcement agencies and the public. The compliance approach reduces costs for both businesses and the government and provides businesses with greater certainty. The confidential advice available to merging businesses provides greater certainty and an incentive to provide more information to regulatory bodies. Authorities reinforce the compliance approach with more adversarial processes for those who abuse the system.

Merger Regulation, Canada, Corporation law

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The effect of twenty years of Hart-Scott-Rodino on merger practice: a case study in the law of unintended consequences applied to antitrust legislation

Article Abstract:

The dramatic shift from merger litigation to merger regulation that has resulted from the Hart-Scott-Rodino Antitrust Improvements Act of 1976 is not what Congress intended, and reforms are needed to mitigate the substantial costs imposed on businesses. The costs of the Act's premerger notification provisions to merging firms are substantial. The benefits are uncertain and accrue primarily to the enforcement agencies. Reforms should focus on narrowing the threshold for review, limiting agency discretion, defining substantial compliance and limiting second requests.

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Reflections on twenty years of merger enforcement under the Hart-Scott-Rodino Act

Article Abstract:

The premerger notification provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 have effectuated the goals of Congress and served the interests of consumers and businesses, although continued refinements are needed. Premerger review has been facilitated, and remedies are more effective and efficient. Consumers have benefitted from anticompetitive mergers being stopped, and merging parties have benefitted from the increased speed and greater certainty that the review processes provide.

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