Extract to table

Johansson applies the three-part framework established by the Merger Guidelines for evaluating whether entry would be sufficient to deter or counteract any potential anticompetitive effect of the Transaction: • Timeliness: Entry must be achievable within approximately two years of the competitive harm

• Likelihood: Entry must be economically motivated — that is, a potential entrant must have a reasonable expectation of earning a sufficient return on its investment to justify the costs and risks of entry

• Sufficiency: Entry must be of sufficient scale and scope to counteract any potential anticompetitive effect of the merger