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Boris Steffen presented on “Merger Synergies and the Failing Firm Defense” at mergers and acquisitions conference
WASHINGTON, D.C., October 19, 2006—Boris Steffen, Bates White Partner, spoke at IncreMental Advantage’s conference, “Mergers & Acquisitions Due Diligence,” held October 16–17 in New York City.
Mr. Steffen’s presentation, “Information Exchange, Merger Synergies, and the Failing Firm Defense,” was part of a session on the antitrust considerations that must be factored into the analysis of a merger. Mr. Steffen examined the intricacies of premerger information exchange, the importance of synergy in mergers and acquisitions, and the Failing Firm (or Failing Division) defense as defined by the Department of Justice/Federal Trade Commission Horizontal Merger Guidelines.
Mr. Steffen’s presentation discussed the importance of cognizable efficiencies in regulatory proceedings using the guidelines of his synergy specificity and costs-to-achieve methodology. He demonstrated how Bates White’s approach to cognizable synergies employs criteria drawn from academia, industry, and government to demonstrate the reasonableness and verifiability of expected synergies as required under the Guidelines.
Mr. Steffen also participated in the “Evaluating Deals” session of the conference, along with senior executives from Pfizer Consumer health care, EMC Corporation, and United Health Group, where he discussed issues including merging with companies in distress as well as competition between private equity and strategic buyers in the merger market.
Mr. Steffen’s presentation can be downloaded by visiting http://www.bateswhite.com/news/pdf/IncreMentalAdvantage_Steffen%20presentation_Information%20exchange%20merger%20synergies%20failing%20firm%20FINAL.pdf.
To read IncreMental Advantage’s interview with Mr. Steffen, “Antitrust Considerations,” please visit http://www.bateswhite.com/news/pdf/
IncreMentalAdvantage_Steffen_Interview.pdf.
For more information about the conference, visit http://www.incrementaladvantage.com/ia/pc-132-3-mergers-acquisitions-due-diligence.aspx.
About Bates White
Bates White is a national economic consulting firm of more than 150 professionals.
Established in 1999, Bates White offers consulting services in economics,
finance,
and business analytics. Bates White has offices in Washington, D.C., and San
Diego, Calif.
www.bateswhite.com
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