A CRA expert was retained by merging parties in the pharmaceutical industry to verify merger efficiencies that were being claimed by management. CRA’s team worked with both firms to analyze and document the efficiencies analyses and verify the merger-specificity of the cost savings. For several efficiencies, CRA developed its own models of the projected cost savings. A CRA expert presented the findings to the FTC, and shortly afterward, the FTC entered into a settlement with the parties that allowed the merger to proceed while preserving the documented efficiencies.
Pivotality: A sound new theory of harm in horizontal mergers?
In its review of the Novelist/Aleris merger, the European Commission relied upon a novel pivotality theory of harm, where pivotality indicates that competitors...