TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 7 P7

Gale Encyclopedia of American Law Volume 7 P7 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 48 MERGERS AND ACQUISITIONS but that the reduction in the number of industry members will enhance tacit coordination of behavior. Vertical Mergers Vertical mergers take two basic forms forward integration by which a firm buys a customer and backward integration by which a firm acquires a supplier. Replacing market exchanges with internal transfers can offer at least two major benefits. First the vertical merger internalizes all transactions between a manufacturer and its supplier or dealer thus converting a potentially adversarial relationship into something more like a partnership. Second internalization can give management more effective ways to monitor and improve performance. Vertical integration by merger does not reduce the total number of economic entities operating at one level of the market but it might change patterns of industry behavior. Whether a forward or backward integration the newly acquired firm may decide to deal only with the acquiring firm thereby altering competition among the acquiring firm s suppliers customers or competitors. Suppliers may lose a market for their goods retail outlets may be deprived of supplies or competitors may find that both supplies and outlets are blocked. These possibilities raise the concern that vertical integration will foreclose competitors by limiting their access to sources of supply or to customers. Vertical mergers also may be anticompetitive because their entrenched market power may impede new businesses from entering the market. Conglomerate Mergers Conglomerate transactions take many forms ranging from short-term joint ventures to complete mergers. Whether a conglomerate merger is pure geographical or a product-line extension it involves firms that operate in separate markets. Therefore a conglomerate transaction ordinarily has no direct effect on competition. There is no reduction or other change in the number of firms in either the acquiring or acquired firm s market. Conglomerate mergers can supply a .

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