Not always. Say you have 4 cell phone carriers. 2 clearly on top and 2 far behind. The two weak ones merging would, on paper, take you from 4 companies to 3.

Not always. Say you have 4 cell phone carriers. 2 clearly on top and 2 far behind. The two weak ones merging would, on paper, take you from 4 companies to 3. In reality you go from 2 options to 3.