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2024 Colum. Bus. L. Rev. 1 (2024)

handle is hein.journals/colb2024 and id is 1 raw text is: 












                         ARTICLE


 LITIGATING THE FIX: A LEGAL OVERVIEW


 Taylor M.  Owings,   William   H. Rooney,   Adriana  Morton,
                        Sarah   Zhang*

    When  a proposed  merger  or acquisition draws  the scrutiny
of the  U.S. antitrust agencies (the Department   of Justice  or
Federal  Trade  Commission),  parties sometimes propose  divest-
itures targeted to address the competitive concerns. If the pro-
posed  divestitures are deemed  unsatisfactory by the reviewing
agency,  the parties may propose  them  in defense of the trans-
action in court as an effectively modified transaction. That pro-
cess is known as litigating the fix. The 2023 William Howard
Taft  Lecture, sponsored  by the Antitrust  Law  Section  of the
New   York State Bar  Association in collaboration with the Co-
lumbia   Business   Law   Review   on  November 29th, 2023,


*Taylor M. Owings is a partner in the Antitrust and Competition Practice
Group of Wilson Sonsini Goodrich & Rosati. William H. Rooney is a Lecturer
in antitrust law (and other subjects) at the Columbus School of Law at The
Catholic University of America and a former partner of Willkie Farr & Gal-
lagher LLP and former co-chair of the firm's U.S. Antitrust Practice. Adri-
ana Morton is a litigation associate of Willkie Farr & Gallagher LLP. Sarah
Zhang is an associate in Baker Botts L.L.P.'s Antitrust and Competition
Practice Group. The authors wish to acknowledge and thank Willkie Farr
& Gallagher LLP law clerk, Yujin Kim, for her excellent and invaluable as-
sistance in drafting this article.
The authors and Ms. Kim prepared this draft in connection with the 2023
William Howard Taft Lecture, which was organized by the New York State
Bar  Association, Antitrust Law Section. This article represents the
thoughts of the authors and Ms. Kim and should not be construed as the
position of any other person or entity. This article was prepared as a general
introduction to the Taft Lecture only and does not take into account the
qualifications, exceptions, and other considerations that may be relevant to
particular situations. Nothing contained herein constitutes, or is to be con-
sidered, the rendering of legal advice, generally or as to a specific matter, or
a warranty of any kind. Readers are responsible for obtaining legal advice
from their own legal counsel. The authors and Ms. Kim disclaim liability for
any errors in, or any reliance upon, this information.

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