Fed. Trade Comm'n v. Penn State Hershey Med. Ctr.

NYGAARD, Circuit Judge.

I

In March 2015, the Boards of Penn State Hershey Medical Center and Pinnacle Health System ("Hershey" and "Pinnacle," respectively) formally approved a plan to merge. They had announced the proposal a year earlier, so the Commonwealth of Pennsylvania and the Federal Trade Commission ("FTC") were already investigating the impact of the proposed merger when the Boards approved it. This joint probe resulted in the FTC filing an administrative complaint alleging that the merger violated Section 7 of the Clayton Act. 1 The FTC scheduled an administrative hearing on the…