On December 18, 2023, the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) released the 2023 Merger Guidelines. Following a 60-day public comment period that solicited over 30,000 comments from a variety of stakeholders, the finalized guidelines take a somewhat softer approach than the draft guidelines released in July 2023. The updated Guidelines continue to steadfastly reinforce the Biden administration’s stated commitment to increased scrutiny of mergers and stricter enforcement of antitrust laws.