Feds Simplify Premerger Notification Form
As part of an effort to streamline their regulatory review of mergers, the Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) have made “substantive and ministerial” revisions to the form required for proposed mergers under the Hart-Scott-Rodino Act.
The Hart-Scott-Rodino Act requires companies to seek prior approval for acquisitions exceeding $65 million. The DOJ and FTC say the changes will make the form easier to complete and make the review process more effective.
Applicants for merger approval will no longer need to provide documents filed with the Securities and Exchange Commission, “base year” data, or a breakdown of voting securities to be acquired. The updated form includes new categories such as certain revenue information that will assist the antitrust enforcers in making a ruling.
The DOJ and FTC developed these modifications after seeking public comment. Bank of America, JPMorgan Chase & Co., and the Sections of Antitrust Law and International Law of the American Bar Association were among the 11 entities that provided recommendations.
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