Extract to table

Circuit acknowledged the efficiencies defense in principle, holding that "the court must consider evidence of efficiencies in its totality" and that "high market concentration levels require proof of extraordinary efficiencies

The 2023 Merger Guidelines on Efficiencies The 2023 Merger Guidelines issued by the Department of Justice and the FTC address cognizable efficiencies and set forth three requirements that claimed efficiencies must satisfy to be credited in the agencies' competitive analysis

Cognizable efficiencies must be specific to the merger — that is, they must be "efficiencies that likely would not be accomplished in the absence of either the proposed merger or another means having comparable anticompetitive effects

Cognizable efficiencies must be verifiable, meaning they must not be "speculative" or "vague

Cognizable efficiencies must be of sufficient magnitude to offset the merger's potential to harm competition