MLex’s Post

Our antitrust team contributed to the June 2024 Competition Policy International Antitrust Chronicle, which was published late last month.   Partners Elaine Johnston and Puja Patel with associate Ben Stievater discuss the challenges private equity buyers face in serial acquisitions including new merger guidelines and a proposed revamp of the HSR pre-merger process that asks for additional details on prior deals. While there is a lack of clear articulation of why private equity ownership raises competitive concerns, the role of private equity in serial acquisitions remains under the regulatory microscope.   Read the full article here: https://lnkd.in/g2sU666b   #AOShearman

Akin private equity partner Sergio Urias was quoted by Law360 in its article “As Election Looms, M&A Attys Advise To 'Stay The Course,'” which discusses the impact of the presidential election on mergers and acquisitions activity and the impact the winner may have on dealmaking. "Because both candidates have held office, it's easier to map out and have some sense of predictability," said Sergio. “A Trump presidency could be expected to prompt less regulatory and merger control scrutiny — including for mega-deals and PE roll-ups — and a friendlier environment for tech-focused deals,” he added. Read the full article here: https://lnkd.in/efUaThTW #AkinPE #PrivateCapital #MergersAndAcquisitions #PrivateEquity

Britain’s antitrust watchdog, the Competition and Markets Authority (CMA), has thwarted more deals than its European counterpart over the past five years, as antitrust screening tempers the pace of mergers and acquisitions (M&A). Average UK deal mortality rate over the five year period from 2019 to 2023 was 57 per cent, while in the EU it stood at 41 per cent, according to new data from Magic Circle law firm Linklaters, shared with City A.M. The data shows that the CMA has blocked more tie ups than the European Commission (EC) every year bar one in the past half a decade. Continue reading 👇 https://lnkd.in/e-HSKa5C #cma #competitionwatchdog #uk #eu #business #businessdeals #merger #acqusition #businessnews #news #cityamnews

The number of M&A transactions in the middle market far exceeds those that make headlines and are often targets for #privateequity and strategic acquisitions. An essential component of the deal process is understanding the tax consequences and the risks inherent in the transaction. #AskMarcum

🌪 The dust has not yet settled following yesterday's ECJ Illumina/Grail judgment rejecting the EU Commission's competence to review concentrations falling below the thresholds, but we already thought about some key compliance takeaways for your future transactions : 👁 1 - At first glance, the judgment can be perceived as a bulwark against legal and deal uncertainty and as a strong signal dampening the increasing creativity leading to the enlargement of enforcers' toolbox used to review M&A transactions. 🔍 2- However, foreseeing the potential enforcement gap this ruling could create, enforcers have already made it clear over the last few months they will continue making sure to bring potentially harmful transaction under their review, notably through the use of ex post procedures which, ironically enough, give rise to even more unpredictability ❗❗ We analyse recent initiatives in France, Germany, Belgium and in the UK against potentially harmful transactions based on ex post antitrust provisions but also quasi-regulatory tools such as sectoral inquiries. 💡 3 - Thus, companies have to continue to make sure that they are well equipped to ensure merger control compliance monitoring at the stage of the preparation of a transaction, ⚠ but also broader competition law compliance after closing due to authorities' increasing appetite for ex post enforcement applied to mergers⚠. Again, a great cross-office collaboration on this one with Christian Horstkotte, Jean-Maxime Blutel; Camille Worms and Sarah Wilks !

ECJ says no - but even after yesterday‘s landmark ECJ annulment decision mergers below the thresholds will continue to be on the radar screen of competition authorities. Read my colleagues analysis below and learn why creativity of competition authorities has to be on every companies‘ radar screen. 🧭

Delighted to announce that Morrison Foerster has partnered with Lexology on a new publication, In-depth: Technology Mergers and Acquisitions.   The latest edition of the book tells a story of changing times in the tech M&A market, and looks ahead to 2024. In the preface, Andrew Boyd and Gary F. Brown reflect on the impact of a challenging macroeconomic and geopolitical climate, before highlighting the resilience of certain sectors and the explosion of new technologies. Stuart Alford, Emma Bosworth and I look at developments in the UK, sharing our optimism for an improvement in market conditions in the New Year.   Read the report to learn more about the latest legal developments and market trends. #MandA #MoFo #MergersAndAcquisitions #TechInnovation #CrossBorder #FinancialServices #Corporate #Technology #TechMandA #MandATrends #antitrust #FDI #tax

Even after yesterday‘s landmark ECJ judgment mergers below the thresholds will continue to be on the radar screen of competition authorities. Read our analysis below and learn why creativity of competition authorities has to be on every companies‘ radar screen. 🧭

In this article for Competition Policy International, my Jones Day colleague Koren Wong-Ervin and former FTC economist Jeremy Sandford discuss the new DOJ-FTC Merger Guidelines, focusing on strategies and practical guidance for merging parties, both before the agencies and in litigation. While many of the approaches taken in the guidelines create significant challenges for merging parties, the final document includes notable improvements relative to the draft version. Click below to download the article, which describes the opportunities created by these improvements and offers suggestions for the types of economic analysis and other evidence most likely to resonate with the agencies. https://ow.ly/3hem50Qo60z #antitrust #competition #mergersandacquisitions

Below the thresholds but on the radar! While the eagerly awaited Illumina/Grail judgment enshrines the importance of foreseeability and legal certainty for businesses with respect to merger control requirements, it is also a significant step into new territory. Read the in-depth analysis by Christian Horstkotte, Jean-Maxime Blutel, Guillaume De Meersman, Camille Worms and Sarah Wilks on what’s next: https://lnkd.in/gkR_7x-t   #MergersAndAcquisitions #CompetitionLaw #EU