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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