Congressional admonishment of the Uber-GrubHub deal is just the latest in a groundswell of antitrust sentiment among lawmakers. Selected members of Congress are also rallying behind the Pandemic Anti-Monopoly Act, sweeping legislation that would outlaw most mergers and acquisitions until the COVID-19 pandemic ends, writes Peter Nesvold.
Congressional admonishment of the Uber-GrubHub deal is just the latest in a groundswell of antitrust sentiment among lawmakers.
The antitrust hawks have clearly been circling Big Tech for some. Heck, executives from Amazon, Facebook, and Google might as well rent second apartments in Georgetown given how often they frequent the Capitol. However, a new theme is emerging from the cacophony of would-be antitrust enforcement agents: advancing old agendas under the guise of a new pandemic.
M&A volume in North America declined roughly 25% year-over-year in the first quarter, with deal volume nosediving sharply in March as the epidemic gripped New York, our country's financial capital. How does this decline compare to the Great Recession? Well, from 2007 to 2008, the total number of M&A transactions in North America eased a mere 15%. Even if we were to extend the timeframe from 2007 to 2009, the aggregate decline in deal volume was roughly 28%.
Now, let's also put the Pandemic Anti-Monopoly Act into some political and legal perspective. The bill is essentially the reincarnation of the Consolidation Prevention and Competition Promotion Act of 2017 , which sought to make it significantly easier for antitrust authorities to challenge M&A transactions.
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