Proposed Changes Would Add Significant Cost and Threaten to Delay All Transactions Requiring Premerger Filings Under the HSR Act
On June 27, the FTC proposed the first major changes to the HSR Form and Instructions since 1978. The proposed changes would add significant cost and threaten to delay all transactions requiring premerger filings under the HSR Act.
On June 27, 2023, the Federal Trade Commission (“FTC”), in collaboration with the Antitrust Division of the U.S. Department of Justice, issued the proposed text of a Notice of Proposed Rulemaking (“NPRM”) (available here) that sets forth the first major proposed changes to the Hart-Scott-Rodino (“HSR”) Form and Instructions since 1978. The proposed changes are substantial, with the FTC itself estimating that its proposal would, on average, increase the time needed to prepare an HSR filing by 290%.
