The U.S. Court of Appeals for the Fourth Circuit recently issued
a groundbreaking decision that could significantly impact antitrust
risk analysis for companies contemplating a merger or acquisition.
In a February 18, 2021, opinion, the Fourth Circuit upheld a
private antitrust challenge to the legality of a completed
acquisition. It is the first time that a court has unwound a
completed transaction in a private merger challenge, rather than a
challenge brought by government enforcers.
DOJ Twice Fails to Challenge the Acquisition
Prior to the challenged merger, JELD-WEN, Inc. and Craftmaster
International (CMI) were vertically integrated competitors in the
markets for door skins and finished molded doors, respectively.
Most homes in the United States use molded doors that are
comprised, in part, of door skins that make up the front and back
of the finished molded door. Before the merger, JELD-WEN, CMI and a
third competitor supplied door skins for sale of their own
