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DAMITT Q2 2024: Abandonments Dominate the Podium in Merger Enforcement

The U.S. agencies concluded 11 significant merger investigations in the first half of 2024—just one shy of the total concluded in all of 2023. Activity has picked up considerably since last year but is still below the...more

PE Firm with Minority Interest Defeats Antitrust Claim—But FTC Scrutiny of Roll-Ups Likely to Continue

District court finds minority investors in companies accused of antitrust violations are not liable solely by virtue of holding a minority ownership stake. To obtain injunctive relief, the FTC must allege specific facts...more

DAMITT Q1 2024: Merger Enforcement Begins 2024 with a Bang

The U.S. agencies announced the conclusion of six significant merger investigations in Q1 2024, double the number seen last quarter. This marks the end of six quarters of three or fewer significant investigations. In line...more

DAMITT 2023 Annual Report: Minding the Gap in Merger Enforcement

Only 12 significant merger investigations concluded in 2023—a drop of 40 percent from just last year and by far the lowest in DAMITT history. This observed and verifiable drop sharply contrasts with recent reports that...more

Minimum HSR Reporting Threshold Reaches All-Time High of US$119.5 Million

Tracking the economy’s continued growth and the resulting increase in GNP, the HSR filing thresholds increased by about 7.3 percent. The new minimum size-of-transaction threshold increased from US$111.4 million to...more

DAMITT Q3 2023: Merger Control Is a Marathon, Not a Sprint

United States - All significant U.S. merger investigations concluded in either a complaint or an abandoned transaction. Four of the last five quarters have now concluded without any consent agreements, demonstrating the...more

Dechert Provides Comments to the U.S. Antitrust Agencies on Proposed Changes to Hart-Scott-Rodino Premerger Filings

Dechert’s antitrust group submitted comments today to U.S. antitrust agencies on their proposed top-to-bottom overhaul of premerger antitrust filings made under the Hart-Scott-Rodino (HSR) Act. The Federal Trade Commission...more

DAMITT Q2 2023: When Avoiding Settlements, Does Merger Enforcement Settle for Less?

All significant U.S. merger investigations concluded in either a complaint or an abandoned transaction. Three of four quarters over the last year have now concluded without any consent agreements, demonstrating the agencies’...more

New Hart-Scott-Rodino Proposal Signals Sea Change in U.S. Merger Review Process That Will Delay Transactions and Raise Costs

The recent proposal would require significantly more information to be provided up front to the U.S. antitrust agencies. The new rules will likely take effect in Q4 2023 or Q1 2024....more

DAMITT 2022 Annual Report: Timing and Remedy Risks Grow for Transactions Hit with Significant Investigations

Sixty percent of significant investigations concluded with a complaint or abandoned transaction in 2022. This shatters last year’s record of 37 percent. The 10 complaints filed in 2022 are also a DAMITT record. Those are...more

Hart-Scott-Rodino Annual Adjustments Announced for 2023; New Merger Filing Fees to Take Effect in February

Following a robust growth in GNP, the HSR filings thresholds increased by about 10.3 percent. The new minimum size-of-transaction threshold increased from US$101.0 million to US$111.4 million....more

DAMITT Q3 2022: Merger Enforcement Remains Aggressive Despite U.S. Court Losses

Key Facts - United States - • Only three significant merger investigations concluded in Q3 2022. All three investigations ended with a complaint or an abandoned transaction. For the first time in more than a decade,...more

DAMITT Q2 2022: Is Merger Enforcement Taking a Conservative Turn?

In both our DAMITT 2021 Report and our Q1 2022 Report, we warned that parties to transactions subject to significant merger investigations were more likely to see the FTC or DOJ sue to block their deal or push them to abandon...more

DAMITT Q1 2022: Significant Merger Investigations Face Steeper Hurdles to Settlement

In the U.S., “significant” merger investigations include Hart-Scott-Rodino (HSR) Act reportable transactions for which the result of the investigation by the Federal Trade Commission (FTC) or the Antitrust Division of the...more

DAMITT 2021 Report: Merger Investigation Activity Sinks More Deals

The number of significant U.S. merger investigations concluded in the first year of the Biden administration was in line with the average observed during the Trump administration....more

Hart-Scott-Rodino annual adjustments announced for 2022; significant increase brings minimum threshold over US$100 million

On January 21, 2022, the U.S. Federal Trade Commission (“FTC”) announced that the dollar-based thresholds applicable to the Hart-Scott-Rodino (“HSR”) premerger notification program will be raised about 9.7% percent from the...more

Significant fines imposed in HSR failure to file actions

On December 22, 2021, the Federal Trade Commission (FTC) and Antitrust Division of the Department of Justice (DOJ) announced that they had entered into settlements with Clarence L. Werner and Biglari Holdings Inc. (Biglari)...more

DAMITT Q3 2021: Where’s the Wave? No Uptick Yet in Significant Merger Enforcement Activity

Key Facts - United States - Dechert has yet to see an increase in concluded significant U.S. merger investigations despite a surge in merger filings that began in the fall of 2020. Instead, we continue to see a decrease in...more

DAMITT Q2 2021: Move Over Big Tech – Traditional Industries See More Merger Investigation Activity

Key facts - United States - Despite Big Tech headlines, the percentage of significant U.S. merger investigations involving technology companies was below the average for the last decade. By contrast, merger investigations in...more

FTC Pharma Merger Enforcement is Robust But Needs Greater Clarity and Consistency

Key takeaways - The Federal Trade Commission (FTC) and antitrust agencies in North America and Europe have launched a Task Force to evaluate their current approach to pharmaceutical mergers reviews. The Task Force has sought...more

FTC and DOJ Temporarily Suspend Early Terminations of the HSR Waiting Period

Key Takeaways The Federal Trade Commission (FTC), with the support of the Antitrust Division of the U.S. Department of Justice (DOJ), has announced that it is temporarily suspending the grant of Early Termination of the...more

The New U.S. Antitrust Vertical Merger Guidelines: Five Things You Need to Know

The final Vertical Merger Guidelines issued on June 30, 2020 provide guidance to the business and legal communities on how the Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) currently analyze the...more

Lessons Learned from Sabre/Farelogix and Evonik/PeroxyChem

On April 8, 2020, Judge Leonard Stark of the U.S. District Court for the District of Delaware denied an injunction requested by the Antitrust Division of the U.S. Department of Justice (“DOJ”) to block Sabre Corp.’s $360...more

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