The 2010 Horizontal Merger Guidelines: From Hedgehog to Fox in Forty Years
![handle is hein.journals/antil77 and id is 53 raw text is: THE 2010 HORIZONTAL MERGER GUIDELINES:
FROM HEDGEHOG TO FOX IN FORTY YEARS
CARL SHIAPIRO*
The U.S. Department of Justice and the Federal Trade Commission
recently updated their Horizontal Merger Guidelines,' which build
upon and replace the 1992 Guidelines.2 The revised Guidelines are the
product of an extensive team effort at the Agencies that took place over
roughly a year, under the leadership of Assistant Attorney General
Christine Varney and FTC Chairman Jon Leibowitz. The process for re-
vising the Guidelines was lengthy, collaborative, and open: the Agencies
posted a series of questions, inviting public comment on possible revi-
sions; numerous useful public comments were received and reviewed;
the Agencies sponsored five public workshops at which panelists dis-
cussed possible revisions to the Guidelines; subsequently, the FTC made
public a draft of the proposed Guidelines, again inviting additional pub-
lic comments; numerous thoughtful comments were again received and
reviewed; and in response to those comments, the proposed Guidelines
* Carl Shapiro is Deputy Assistant Attorney General for Economics, Antitrust Division,
U.S. Department ofJustice, on leave from his position as Transamerica Professor of Busi-
ness Strategy, Haas School of Business, University of California at Berkeley. The author
was a member of the joint DOJ/FTC Horizontal Merger Guidelines working group. The
working group consisted of Molly Boast, Phil Weiser (subsequently replaced by Bill Cava-
naugh), and Carl Shapiro at the DOJ, andJoseph Farrell, Richard Feinstein, and Howard
Shelanski at the FTC. The author thanks Molly Boast, Dennis Carlton, Bill Cavanaugh,Joe
Farrell, Rich Feinstein, Rich Gilbert, Ken Heyer, Bob Majure, Joe Matelis, Serge Moresi,
Janusz Ordover, Steve Salop, Howard Shelanski, Phil Weiser, Greg Werden, Glen Weyl,
Jeff Wilder, and Bobby Willig for insightful conversations about the Guidelines and for
valuable comments that improved this article.
I U.S. Dep't of Justice & Fed. Trade Comm'n, Horizontal Merger Guidelines (2010)
[hereinafter 2010 Guidelines], available at http://www.justice.gov/atr/public/guide
lines/hmg-2010.pdf. See Press Release, U.S. Dep't of Justice, Federal Trade Commission
and U.S. Department of Justice Issue Revised Horizontal Merger Guidelines (Aug. 19,
2010), available at http://www.justice.gov/atr/public/pressreleases/2010/261642.pdf.
2 U.S. Dep't of Justice & Fed. Trade Comm'n, Horizontal Merger Guidelines (1992,
rev. 1997) [hereinafter 1992 Guidelines], available at http://www.justice.gov/atr/public/
guidelines/hmg.pdf.](ViewImageLocal?handle=hein.journals/antil77&div=6&collection=&method=preview&ext=.png&size=3)
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The 2010 Horizontal Merger Guidelines: From Hedgehog to Fox in Forty Years
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