The Federal Trade Commission (“FTC”) and the Antitrust Division of the Department of Justice (“DOJ”) (the “Agencies”) announced proposed changes to the premerger notification rules (“Rules”) promulgated under the Hart-Scott-Rodino (“HSR”) Act on September 21, 2020. Although the Agencies’ proposals are extensive, most significantly they would: 1. create a new exemption for certain acquisitions that result in holding 10% or less of the voting securities of a target, so long as the acquirer and target do not “already have a competitively significant relationship;” and 2. expand the definition of “person,” creating new filing obligations for certain entities, including many investment entities. The Agencies’ proposed new rules are described in a Notice of Proposed Rulemaking (“NPRM”). The Agencies also
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The US DOJ and FTC announce proposed changes to the HSR premerger notification rules and seek public comments
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