M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Wednesday, September 16, 2009

CVS Gets Another Look

A number of members of Congress and pressure groups have apparently started pushing the FTC to give the CVS/Caremark merger from two years ago another look.  This reminds me of a question a student raised in my M&A class last year:  does pre-merger clearance create some sort of safe harbor that removes all post-closing antitrust risk from a transaction?"   The CVS/Caremark deal is a good reminder that the proper answer to that question is no.  One should not mistake pre-merger clearance for an anti-trust "get out of jaill free" card.  Although they don't go there very often, the FTC reserves the right to come back and examine the competitive (or anti-competitive) effects of mergers at any point in the future.



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