Under the Hart-Scott-Rodino (HSR) Act and Rules, parties cannot use a transaction structure for the purpose of avoiding or delaying their premerger filing obligation. If they do, the Commission must ignore the structure and review the substance of the transaction as a whole to determine whether an HSR filing is required. Premerger Notification Office (PNO) staff have recently rethought some prior advice, and today PNO is withdrawing a 2003 informal interpretation relating to special dividends.
“Take out” takes on a whole new meaning when it involves your data. Consumers and industry members are giving more thought to the issue of data portability – the ability of consumers to move data (such as emails, contacts, calendars, financial information, health information, favorites, friends, or content posted on social media) from one service to another or to their own files.