Mergers & Acquisitions Antitrust & Trade Regulation

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News & Analysis as of

"FTC Commissioners Divided on Scope of Investment-Only Exemption to HSR Rules"

On August 24, 2015, the Federal Trade Commission (FTC) announced a consent settlement based on an application of the investment-only exemption to the Hart-Scott-Rodino Act’s premerger notification requirements. The settlement...more

Merger Guidance Nine Years in the Making From the FTC

Earlier this month, the Bureau of Competition of the U.S. Federal Trade Commission (FTC) offered updated guidance for merger investigations—the first time it has done so in nine years. Although the Department of Justice’s...more

Antitrust Enforcement Agencies Release Annual Report Summarizing 2014 Merger Enforcement Activity Under Hart-Scott-Rodino

The Hart-Scott-Rodino Antitrust Improvements Act (HSR) requires parties to a proposed acquisition of voting securities or assets meeting certain size threshold requirements to report the transaction to the Federal Trade...more

Latest H-S-R Act Enforcement Is a Cautionary Tale for Minority Investors

Generally speaking, stock purchases which will cause an investor to hold more than $76.3 million of the target’s voting securities may require a pre-closing notification under the Hart-Scott-Rodino (“H-S-R”) Act. But there...more

Investment Fund Violates “Investment-Only” HSR Exemption

At the request of the Federal Trade Commission (“FTC” or “Commission”), the Department of Justice (“DOJ”) filed this week in federal court a proposed settlement to charges that an investment fund violated the...more

Third Point Settles FTC Charges That They Violated U.S. Premerger Notification Requirements

On August 24, 2015, the FTC announced that Third Point Funds (“Third Point”), which includes three affiliated hedge funds commonly managed, agreed to settle FTC charges that it violated premerger reporting requirements in...more

Alert: HSR "Investment-Only" Exemption: Lessons from Third Point's Yahoo! Investment

While acquisitions of up to 10% of the voting interest in a target that are made "solely for the purpose of investment" are in many circumstances exempt from Hart-Scott-Rodino (HSR) reporting requirements, even when the value...more

The Macron Law Modifies French Competition Rules and Procedures

The Macron Law Modifies French Competition Rules and Procedures. After seven months of discussions before the French Parliament, the bill on “Growth and Activity and Equality of Economic Opportunities” known as the...more

FTC Issues First Statement of Enforcement Under Section 5 in 101 Years

On August 13, 2015, the Federal Trade Commission (“FTC” or “Commission”), by a 4-1 vote, approved a bipartisan “Statement of Enforcement Principles” (“Statement of Enforcement”),[1] which purports to shed light on the...more

Health Update - August 2015

Five Lessons From 2015 Healthcare Deals - In 2015, we already have seen a great deal of activity in healthcare transactions that is attracting antitrust scrutiny, with mixed results. Among the winners have been Cabell...more

Five Lessons From 2015 Healthcare Deals

In 2015, we already have seen a great deal of activity in healthcare transactions that is attracting antitrust scrutiny, with mixed results. Among the winners have been Cabell and St. Mary's, which received state clearance...more

FTC Issues First Formal Policy on Section 5's Unfair Competition Authority

Although the brief FTC statement is beneficial, the sweeping language contained in the policy statement gives little practical guidance to the business community. On August 13, the Federal Trade Commission (FTC) issued...more

Hotels Troubled over Potential Expedia-Orbitz Merger

Expedia, Inc. (“Expedia”) is in the works to acquire Orbitz Worldwide, Inc. (“Orbitz”) for $1.6 billion dollars. This news arrives on the heels of Expedia’s purchase of Travelocity for $280 million in January, 2015. The...more

CON laws, COPAs and the FTC: 7 Antitrust Points For The Healthcare Sector

The Federal Trade Commission is on a roll in its attack on what it considers anti-competitive effects in the healthcare industry. And that roll has consistently involved challenging activity that once appeared to be protected...more

Antitrust Development: The FTC Provides Updated Guidance for Merger Review Best Practices

On August 4, 2015, the Federal Trade Commission issued updated best practices guidance for merger reviews. This is the first guidance that the FTC has issued on the merger review process since the 2006 merger review reforms....more

FTC Releases Updated Best Practices for Merger Reviews

On August 4, 2015, the Federal Trade Commission (FTC) released a guide to best practices for merger investigations, its first update to the Guidelines for Merger Investigations since it published the Reforms to the Merger...more

West Virginia AG Clears Merger Creating Second Largest Hospital Chain in the State with Conduct Remedy

The federal antitrust enforcement agencies have trumpeted their preferences for structural, as opposed to conduct, remedies as the solution to potentially anticompetitive mergers. In contrast, State Attorneys General have...more

FTC’s New Interpretation of Hart-Scott-Rodino Investment Property Exemption May Disrupt Industries Structured Around Prior...

The Federal Trade Commission’s Bureau of Competition Premerger Notification Staff has announced that Hart-Scott-Rodino Rule 802.5 (the “investment rental property exemption”) will no longer be available if the buyer...more

FTC Limits Investment Rental Property Exemption

FTC’s reversal will result in more Hart-Scott-Rodino filings for companies in the pipeline, cell tower and billboard industries. The Federal Trade Commission’s Premerger Notification Office (PNO) has significantly...more

Anthem-Cigna Mega Merger Likely Problematic for Providers

Anthem announced on July 24, 2015 that it would purchase Cigna, just three weeks after Aetna agreed to buy Human for $37 billion. The deal is valued at $54.2 billion, and would create the United States’ largest health insurer...more

Competition News July-August 2015

French merger control: The Competition Authority agrees to approve the prospective acquirer of assets sold by the purchaser - On May 15, 2015, the Competition Authority authorized, subject to certain conditions, the...more

Regulators Likely To Heavily Scrutinize Proposed Humana-Aetna Merger

At the beginning of the month, insurance companies Aetna Inc. and Humana Inc. announced they would be pursuing a merger, with the former company acquiring the latter. Aetna, sources say, will be purchasing Humana for roughly...more

FTC Narrows Scope of HSR Reporting Exemption for Certain Acquisitions

On July 20, 2015, the Federal Trade Commission (FTC) released revisions to its interpretation of the rule, 16 C.F.R. §802.5, that exempts certain acquisitions of “investment rental property assets” from reportability under...more

Newsletter: Cooley M&A Team News - July 2015

As discussed in our March 2014 and April 2015 newsletters, in the last few years, there have been numerous developments in the law and practice surrounding appraisal rights under Delaware law. That trend has continued with...more

Private Equity Newsletter - Summer 2015 Edition: Where’s the Exit? New Opportunities in China for Private Equity Firms

It has long been a well established exit route in developed markets for a private equity firm to sell its interest in a portfolio company to a listed company in exchange for shares in that listed company. Until recently, this...more

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