The Celler-Kefauver Act (1950) attempted to close a loophole in the Clayton Act. The Clayton Act act prohibited anti-competitive mergers but was interpreted to be silent on 'mergers' if they were accomplished by purchasing the assets of a rival. Celler-Kefauver meant that mergers could now also be challenged if they came about because one company bought the factories, equipment and other assets of a rival.
Court precedents have more or less established that some behavior is to be judged according to the rule of reason while other behaviors are to be considered per se1 violations.
1A behavior is per se illegal if simply committing the offense is a violation. A simple example is exceeding the posted speed limit while driving. It doesn't matter why you're speeding, it is per se illegal.
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