The Obama Administration has indicated an intention to more vigorously enforce the antitrust laws, including the prohibition against anticompetitive mergers. One of the Administration?s first initiatives was to undertake a review of the Horizontal Merger Guidelines, issued in 1992 (“Guidelines”). On April 20, 2010, the Department of Justice Antitrust Division and the Federal Trade Commission published for public comment a comprehensive revision of the Guidelines (“Proposed Guidelines”). The purpose of this Alert is not to provide a comprehensive analysis of the 34-page draft Proposed Guidelines, but to inform our clients and friends about this important development and to briefly highlight the direction of the Proposed Guidelines.