How Speedway Deal Might Have Avoided Antitrust Gridlock
By Joel Mitnick, Ngoc Hulbig and Eden Sung (June 4, 2021, 4:15 PM EDT) -- In an extraordinary move, 7-Eleven Inc. and Marathon Petroleum Corp. closed their proposed deal for Speedway stores almost immediately upon expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The deal had been under investigation for about nine months — extended four times by mutual agreement of the parties and the Federal Trade Commission — and the parties' move led to public recriminations among the sitting FTC commissioners for botching what could have been a successful settlement agreement with substantial divestitures that instead ended in a mess.
It appears that 7-Eleven, the buyer, relying on a proposed settlement agreement negotiated provisionally with FTC staff...
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