7-Eleven Deal Catches FTC Divided And Off Guard

Law360 (June 7, 2021, 6:17 PM EDT) -- When 7-Eleven Inc. wrapped its $21 billion purchase of the Speedway chain last month before the Federal Trade Commission finished its merger investigation, the bitterly and bizarrely divided commission could muster nothing more than a "strongly worded statement" from two members criticizing the companies and a rebuttal from the remaining members criticizing their colleagues' inaction.

FTC Democrats and Republicans split 2-2, with both sides equally critical of the merger but seemingly divided over what action to take. The uproar underscored what can happen when an agency designed around a five-member panel with a three-person majority suddenly finds itself with an even...

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