FTC and DOJ modify efficiency provisions of merger guidelines.

Revisions to the Merger Guidelines issued by the Federal Trade Commission and Department of Justice may indicate some easing of Federal antitrust enforcement practices of the past. The revisions clarify how claims that mergers are likely to lower costs, improve quality, or otherwise achieve efficiencies are analyzed. The revisions provide guidance to potential merger partners about which efficiency claims might be scrutinized. The guidelines should be considered in their entirety when mergers are being considered; however, these revisions may indicate increased flexibility in the types of transactions that will be allowed.