RESTORING PREDICTABILITY TO MERGER GUIDELINE ANALYSIS
THOMAS M. JORDE
Two recent developments reduce predictability and accountability in merger analysis. First, the 1984 Merger Guidelines adopt a multifactor method of analysis that focuses upon market structure, other market factors, financial trends, and efficiencies. Little guidance is given concerning the relative importance of these factors or how they will be measured and balanced. Second, current enforcement agencies appear to take a "regulatory" approach to merger enforcement. They issue "no-action" decisions in 90-95 percent of the mergers reviewed and reach "fix-it-first" consent settlements before complaints are filed in most remaining cases. Copyright 1986 Western Economic Association International.
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