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On February 18, 2021, the United States Court of Appeals for the Fourth Circuit upheld the divestiture order issued by the U.S. District Court for the Eastern District of Virginia in a private merger challenge brought by Steves and Sons Inc. (“Steves”) against Jeld-Wen Inc. (“Jeld-Wen”) relating to Jeld-Wen’s acquisition of CraftMaster Manufacturing Inc. (“CMI”) in 2012. While divestitures are the government’s preferred remedy when it challenges a merger, this case represents the first instance when this remedy was ordered in a private litigation.
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