The Federal Trade Commission (FTC) v. Borden Co. case in 1965 revolved around the issue of whether a company's failure to disclose its acquisition of another firm violated Section 7 of the Clayton Act, which prohibits mergers and acquisitions that may reduce competition or create monopolies. The FTC had ordered Borden Co., a large dairy products manufacturer, to divest itself from Foremost Dairies Inc., which it had acquired without public announcement. The Supreme Court ruled in favor of the FTC, stating that non-disclosure was not an excuse for violating antitrust laws and upheld the order for divestiture as an appropriate remedy for such violation.

In the dissenting opinion for the Federal Trade Commission v. Borden Co., it was argued that the majority's decision to uphold FTC's order against Borden Co.'s acquisition of a competitor, based on Section 7 of Clayton Act, was incorrect. The dissenting justices believed that this interpretation expanded Section 7 beyond its intended scope and purpose. They contended that Congress did not intend for every merger resulting in increased market concentration to be deemed illegal per se under Section 7; rather, only those mergers which substantially lessen competition or tend towards monopoly should be prohibited. In their view, there was insufficient evidence presented by FTC demonstrating such substantial anti-competitive effects from Borden’s acquisition. Therefore, they disagreed with the majority’s ruling and would have set aside FTC's order.