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Editor’s Note: The Hart-Scott-Rodino Act established the federal premerger notification program, which provides the FTC and the Department of Justice with information about large mergers and acquisitions before they occur. The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ. Premerger notification involves completing an HSR Form, also called a “Notification and Report Form for Certain Mergers and Acquisitions,” with information about each company’s business. The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period.
Industry Update
A Hart-Scott-Rodino Act Transaction Update (November FY 2023)
Federal Trade Commission
Taken from the latest published Hart-Scott-Rodino (HSR) Premerger Notification monthly transactions as shared by the Federal Trade Commission (FTC) and augmented by released annual reports, the following transaction information and corresponding charts may be useful for law firms, legal departments, and legal services providers seeking to understand the real-time pulse rate of Hart-Scott-Rodino Act mandated merger transaction reviews. As these reviews may lead to Second Requests, the charts may also be useful as a baseline for considering provider assertions regarding the depth, breadth, and volume of their Second Request support for this unique type of eDiscovery during specific time frames.
Comparing the Operations Tempo for HSR Act Transactions: Informational Charts
Provided for context and comparison are charts that share HSR Act-related metrics for monthly filings based on real-time reporting in fiscal years (FY) 2023, 2022, and 2021 and annual reporting in 2020, 2019, and 2018.
Chart 1: Monthly HSR Act Transactions Reported in the Fiscal Year 2023 (October-September)*
HSR Act Merger Transactions Reported – 2023 November
Chart 2: Monthly HSR Act Transactions Reported in the Fiscal Year 2022 (October-September)*
HSR Act Merger Transactions Reported – 2022
Chart 3: Monthly HSR Act Transactions Reported in the Fiscal Year 2021 (October-September)*
HSR Act Merger Transactions Reported – 2021
Chart 4: Monthly HSR Act Transactions Reported in the Fiscal Year 2020 (October – September)**
HSR Act Merger Transactions Reported – 2020
Chart 5: Monthly HSR Act Transactions Reported in the Fiscal Year 2019 (October – September)**
HSR Act Merger Transactions Reported – 2019
Chart 6: Monthly HSR Act Transactions Reported in the Fiscal Year 2018 (October – September)**
HSR Act Merger Transactions Reported – 2018
Chart 7: HSR Act Annual Transactions Reported in Fiscal Years 2010 – 2023*/***
HSR Act Merger Annual Transactions Reported – FY 2010 – FY 2023 – November
Comparing the Operations Tempo for HSR Act Reported Second Requests: Informational Charts
Background Note: HSR Act Reported Second Requests are reported as part of Annual HSR Transaction Reports and not noted in the monthly running reports. The latest published annual report is for FY 2020.
Chart 8: HSR Act Reported Second Requests in Fiscal Years 2000 – 2020***
8 – Number of HSR Act Second Requests – Over Time
Chart 9: HSR Act Reported Second Requests by the FTC in Fiscal Years 2000 – 2020)***
9 – Number of HSR Act Second Requests – FTC – Over Time
Chart 10: HSR Act Reported Second Requests by the DOJ in Fiscal Years 2000 – 2020***
10 – Number of HSR Act Second Requests – DOJ – Over Time
11 – Percentage of Transactions Resulting in HSR Act Second Requests – Over Time
*Monthly Real-Time Reporting First Report is October 2019 (Monthly Running Report)
**Based on Monthly Reporting as Represented in Annual HSR Transaction Reports
***Based on Annual Reporting as Represented in Final Annual HSR Transaction Reports.
Additional Reading
Source: ComplexDiscovery
Complete Presentation: Market Kinetics – HSR Transactions and Second Requests Overview – November FY 2023 (PDF) – Mouseover to Scroll
0 – Market Kinetics – HSR Transactions and Second Requests – 120522
The post A Long Road Home? A Hart-Scott-Rodino Act Transaction Update (November FY 2023) appeared first on ComplexDiscovery.
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