August 2015

“Investment-only” means just that

Today, the Commission (with the help of our friends at the Justice Department) filed a proposed settlement in federal court to settle charges that three funds managed by Third Point violated the Hart-Scott-Rodino Act by failing to make the necessary premerger notification filings when they acquired shares of Yahoo! Inc.

Notable trends in merger review: inside the HSR Annual Report

Today the FTC and DOJ released the FY 2014 Hart-Scott-Rodino Annual Report, which details the agencies’ merger review and enforcement program for October 1, 2013 through September 30, 2014. As the only complete source of data on federal merger enforcement, the HSR Report is worth a close read, but here’s a little preview of our top four most interesting observations, trends, and takeaways from this year’s report.

A fine balance: toward efficient merger review

One of the key functions of the Bureau of Competition is to analyze mergers. Obtaining information through Second Requests is an essential aspect of our review process for proposed acquisitions. Even though the FTC and DOJ on average issue a Second Request in less than 5 percent of filed transactions, for the few that do require more extensive review, we have long recognized the burden they impose. The challenge is to find a balance between our need for information to determine whether there is a potential law violation and avoiding unnecessary costs for businesses subject to review.