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The HSR Act and the Various Stages of Merger Investigations: What Economists Should Know and Do

Antitrust CLE

The HSR Act and the Various Stages of Merger Investigations: What Economists Should Know and Do

Live Webcast Date: Wednesday, September 12, 2018 at 3:00 pm - 4:30 pm (ET)
AntitrustRecording

Over the past few years, an increasing number of merger transactions have been reviewed and a number of high profile mergers have been denied at trial.  Economists can assist antitrust counsel at each stage of the HSR and potential subsequent merger investigation process. This input is valued both on the agency and merging-entity side of the investigation.  The panelists have experience working for a number of merging entities to provide support including identification of potential targets, identification of antitrust concerns, procurement and preparation of client data for agency review, explanation of relevant data to agency economists and counsel, and preparation of advocacy analyses.

Key topics include:

  • An overview of the stages of merger investigations conducted by the DOJ and FTC
  • A review of the trends in numbers of investigations
  • Examples of assistance from economists at the following stages of merger investigations:
    •    Pre-HSR filing
    •    Preliminary review post-HSR filing
    •    Second request
    •    Advocacy Analyses

Who Should Attend

  • Antitrust Lawyers and Attorneys
  • Attorneys General
  • Litigation Officers
  • Civil Litigators
  • Chief Compliance Officers
  • Financial Executives and Directors
  • Financial Reporting Personnel
  • Corporate Executives
  • In-house Counsel
  • Private Companies
  • Other related/interested Professionals and Organizations

Faculty

James Rhilinger

James Rhilinger
Deputy Assistant Director
Federal Trade Commission

Michael Moiseyev

Michael Moiseyev
Assistant Director
Federal Trade Commission

Emily Cotton

Emily Cotton
Vice President
Analysis Group

Dr. Gabriella Monahova

Dr. Gabriella Monahova
Senior Consultant
NERA Economic Consulting

Click Here to Read Additional Material

Michael MoiseyevAssistant Director
Federal Trade Commission

  • Overview of merger investigation process from deal announcement to agency action/expiration of waiting period and Economic information requested at various stages.
  • Specific economic analysis is recent cases in the Bureau of Competition (Potential Competition in Steris/Synergy, Unilateral Effects Analysis in Holcim/Lafarge, vertical analysis in Essilor/Luxottica, and bargaining theory in Walgreens/Rite Aid)

James RhilingerDeputy Assistant Director
Federal Trade Commission

  • Review statistics on merger transactions filed, investigated, and challenged; overview of recent trends in these numbers
  • Identify the main decision points in merger review at the enforcement agencies, and how economic analysis fits into that process

Emily CottonVice President
Analysis Group 

AND 

Dr. Gabriella MonahovaSenior Consultant
NERA Economic Consulting

  • Prior to filing: economists perform antitrust risk assessment, which can have consequences for the deal value and the structure of the deal; economists educate the lawyers and the clients about the potential theories of harm and what evidence is needed to alleviate concerns
  • The first 30 days: economists perform analytical work and engage the agencies in order to frame the issues, present the deal rationale, resolve questions that the agencies might have, and establish an open working relationship with staff at the agencies
  • Second Request: economists are deeply engaged in the compliance process; they translate the data specifications in simple language, work with the client to understand if the required data exist, how they are stored and how best it could be extracted and put together for submission; analytical work proceeds simultaneously
  • After compliance with the Second Request: economists continue to communicate with staff at the agencies, presenting analyses, addressing concerns, and responding to questions
James Rhilinger

James RhilingerDeputy Assistant DirectorFederal Trade Commission

James Rhilinger is Deputy Assistant Director of the Mergers II Division in the Federal Trade Commission’s (FTC) Bureau of Competition. He oversees investigations into the potential competitive effects of mergers in a wide range of industries, as well as litigation involving transactions that raise competitive concerns. Mergers II has responsibility for merger enforcement in a wide range of industries, including semiconductors, computer software and hardware, chemicals, fertilizer, entertainment, and auto parts. Mr. Rhilinger previously was an attorney in the Health Care Division of the FTC’s Bureau of Competition, where he focused on conduct in the pharmaceutical industry, including investigations and law enforcement actions. He joined the FTC in 2004, and prior to that practiced antitrust law in the Washington, D.C., office of an international law firm.

Michael Moiseyev

Michael MoiseyevAssistant DirectorFederal Trade Commission

Michael Moiseyev is Assistant Director in the Bureau of Competition at the Federal Trade Commission and supervises the Bureau’s Mergers I Division.  Mergers I is responsible for Commission’s merger enforcement program in healthcare products and services industries, scientific instruments, internet advertising, defense. Among the transactions the Mergers I division has recently handled are Walgreens/Rite Aid retail pharmacy merger, the Teva/Allergan generic pharmaceuticals acquisition, the Mallinckrodt monopolization case, the Northrop Grumman/Orbital ATK defense merger, and the Holcim/Lafarge and cement consolidation. The Mergers I division has also been involved in several litigated transactions during his tenure, including Steris/Synergy, the first FTC challenge to a merger on potential competition theory in thirty years. Mr. Moiseyev has been with the FTC for twenty-eight years and has been Assistant Director since 2003.

Emily Cotton

Emily CottonVice PresidentAnalysis Group

A vice president at Analysis Group, a leading economics consulting firm, Ms. Cotton has extensive experience conducting complex quantitative and qualitative analyses of data in both mergers and litigation matters. Her work has included analyses of Federal Trade Commission (FTC) merger compliance, specifically evaluating the challenges associated with complying with Second Requests and Supplemental Information Requests from the FTC, the U.S. Department of Justice, and the Canadian Competition Bureau.

Ms. Cotton has supported experts from leading universities and has managed case teams in a broad range of industries on matters including antitrust, bankruptcy, class certification, intellectual property, securities, survey design, tax, and transfer pricing. Her case work has also included assessing competitive effects in major antitrust matters and mergers; managing the independent evaluation of large quantities of data for antitrust cases; and determining pricing in transfer pricing matters. 

Dr. Gabriella Monahova

Dr. Gabriella MonahovaSenior ConsultantNERA Economic Consulting

Dr Monahova is a senior consultant in NERA’s Washington, DC office, where she manages and coordinates the work of a team of research analysts. An antitrust economist with broad industry experience, Dr Monahova examines the competitive effects of proposed mergers and analyses allegations of anti-competitive behavior in antitrust litigation cases. As part of that work, she has analyzed a wide variety of data, including large, terabyte-sized data sets. Her experience spans a number of industries, including health care and medical products, construction products, retail and hospitality, and automotive parts manufacturing.

At the University of Wisconsin-Madison, Dr Monahova specialized in industrial organization and health care economics. She received a capstone PhD teaching award and the Warren A. Peterson Memorial Award in Economics.

A native of Bulgaria, Dr Monahova is fluent in Bulgarian and English.

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   146598

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
   1.5 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Analysis Group is one of the largest economics consulting firms, with more than 850 professionals across 14 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.

Website: http://www.analysisgroup.com/

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. The firm brings academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. With its main office in New York City, NERA serves clients from more than 25 offices across North America, Europe, and Asia Pacific.

Website: http://www.nera.com/

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