Relating to probability of hindrance to entry, the KFTC reasoned that
market entry would be de facto difficult given that domestic piano demand
was at standstill, that production facility required a large amount of capital,
and that the merging entity tend to relocate its production base overseas.
The KFTC also rejected the respondent’s claim that secondhand pianos, as a
meaningful adjacent market, could suppress the merging entity’s market
dominance.