Antitrust

This week, the Federal Trade Commission (“FTC” or “Commission”) announced – with concurrence from the Department of Justice (“DOJ”) – changes to the Hart-Scott-Rodino (“HSR”) premerger notification form that will increase the burden on merging parties by requiring a much broader swath of company documents related to the transaction and detailed information about the companies’ businesses, ownership structure, and acquisition history. Although the Commission scaled back some of the more burdensome and onerous requirements from the June 2023 proposed rulemaking, these changes will nonetheless result in significantly more time, cost, and burden to parties with reportable transactions in the U.S. The Commission’s likely conservative estimate is that it will now take an average of 105 hours to prepare an HSR filing– almost tripling the estimated average under the previous rules.

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