Monday, June 25, 2018

Premerger Notification, Early terminations

An important aspect of the FTC’s Premerger Notification Program is the granting of early terminations. Any person filing an HSR form may request that the waiting period be terminated before the statutory waiting period expires, allowing the parties to consummate their deal. Such a request for “early termination” (ET) is granted only if both the FTC and Department of Justice Antitrust Division complete their review and determine not to take any enforcement action during the waiting period.
The FTC publishes an online notification of early terminations that have been granted, which is updated almost every weekday.
In some instances, after an investigation involving a Request for Additional Information and Documentary Material (Second Request) has been issued, the investigating agency will determine that no further action is necessary and terminate the waiting period before full compliance with the Second Request is made. A grant of ET may also be made after the parties agree to a consent order with the investigating Agency, whether or not there was Second Request compliance.
The list of transactions that have been granted early termination is only a subset of the transactions filed each year. Generally, the fact that a filing has been made is confidential by statute. Only if one (or both) of the parties to the transaction has requested ET, and that request has been granted, will notice be made. If neither party requests early termination, or the request is not granted, the fact that a filing has been made will remain confidential.

FTC launches first Web API to make Early Terminations more accessible

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