It is well known that an optimal merger policy requires consideration of efficiencies in enforcement decisions. However, as understanding of a market's equilibrium structure is required to integrate the efficiency defense into a merger analysis, efficiency evaluations are controversial. New...

Most mergers filed at the enforcement agencies are conglomerate in nature with only minor horizontal overlaps. An enforcement agency may challenge the merger, if any overlap is believed to be adversely affected by the transaction. While the merging firm is entitled to a hearing in federal court,...