FTC and DOJ propose changes that could slow dealmaking review process

The Fed­er­al Trade Com­mis­sion and Jus­tice De­part­ment have pro­posed changes to the merg­er re­view process that could ex­tend the amount of time and doc­u­men­ta­tion it takes for some com­pa­nies to no­ti­fy the gov­ern­ment of a po­ten­tial merg­er.

This is the first time in 45 years that the agen­cies have con­duct­ed a sweep­ing re­view of the pre­merg­er form that com­pa­nies are re­quired to com­plete ahead of clos­ing cer­tain deals. Among the pro­posed up­dates are re­quire­ments for ad­di­tion­al in­for­ma­tion from some com­pa­nies, in­clud­ing doc­u­ments from “su­per­vi­so­ry deal team mem­bers” and doc­u­ments “that re­late to com­pe­ti­tion top­ics but were not pro­duced specif­i­cal­ly for the trans­ac­tion.”

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