Ahead of Schedule? A Hart-Scott-Rodino Act Transaction Update (March 2021)

Increased interest in levels of M&A activity has warranted that the Bureau of Competition’s Premerger Notification Office (PNO) share the monthly figures for Hart-Scott-Rodino (HSR) Act transactions. This increased activity can be seen in the running update of HSR transaction numbers between October 2019 and today. The latest monthly update from the PNO is for March 2021 and noted 323 reported transactions. This is the highest number of monthly reported transactions in any March between FY 2010 and FY 2021. The 323 reported transactions number is also the second-highest reported monthly transactions number for any month between October 2010 and today, only trailing the 424 reported transactions in November 2020.

en flag
nl flag
et flag
fi flag
fr flag
de flag
pt flag
ru flag
es flag

Content Assessment: Ahead of Schedule? A Hart-Scott-Rodino Act Transaction Update (March 2021)

Information - 90%
Insight - 85%
Relevance - 90%
Objectivity - 95%
Authority - 95%

91%

Excellent

A short percentage-based assessment of the qualitative benefit of the recent post highlighting real-time monthly HSR Act filing reporting by the FTC.

Editor’s Note: The Hart-Scott-Rodino Act established the federal premerger notification program, which provides the FTC and the Department of Justice with information about large mergers and acquisitions before they occur. The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ. Premerger notification involves completing an HSR Form, also called a “Notification and Report Form for Certain Mergers and Acquisitions,” with information about each company’s business. The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period.

Taken from the latest published Hart-Scott-Rodino (HSR) Premerger Notification monthly transactions as shared by the Federal Trade Commission (FTC), the following transaction information and corresponding charts may be useful for law firms, legal departments, and legal services providers seeking to understand the real-time pulse rate of Hart-Scott-Rodino Act mandated merger transaction reviews. As these reviews may lead to Second Requests, the charts may also be useful as a baseline for considering provider assertions regarding the depth, breadth, and volume of their Second Request support for this unique type of eDiscovery during specific time frames.

Annual Results and Running Monthly Updates

As highlighted in the July 9, 2020, blog post from the FTC, increased interest in levels of M&A activity has warranted that the Bureau of Competition’s Premerger Notification Office (PNO) share the monthly figures for Hart-Scott-Rodino (HSR) Act filings. Starting in July, the PNO began posting monthly totals of HSR Act filings for the most recent six-month period and committed to updating the numbers on a six-month rolling basis on the PNO homepage. This update now includes monthly from October 2019 through today.

While the Commission publicly reports monthly HSR transaction numbers in its Annual HSR Reports, those reports are prepared and published after the end of each fiscal year.

The PNO also noted that this effort would not change the regular process of adjusting the raw number of filings collected during the year in annual reporting to eliminate transactions that were not reportable, incomplete, withdrawn, or that relate to non-competitive notifications under the Act. As a result, the monthly data released may not match the monthly totals reported in the HSR Annual Report. 

Read the original blog post at Real-Time Transparency for HSR Transaction Numbers

Comparing the Operations Tempo for HSR Act Transactions: Informational Charts

Provided for context and comparison are charts that share HSR Act-related metrics for monthly filings based on real-time reporting in fiscal year (FY) 2021 and 2020 and annual reporting in 2019 and 2018. 

Chart 1: Monthly HSR Act Transactions Reported in the Fiscal Year 2021 (October-March)*

HSR Act Merger Transactions Reported – FY 2021 – 040621

Chart 2: Monthly HSR Act Transactions Reported in the Fiscal Year 2020 (October – September)*

HSR Act Merger Transactions Reported – FY 2021 – 010421 Update

Chart 3: COVID Constraints: HSR Act Transactions Reported During Current Pandemic (February 2020 – March 2021)*

COVID Constraints_ HSR Act Merger Transactions Reported – FY 2020-21 – 040621

Chart 4: Monthly HSR Act Transactions Reported in the Fiscal Year 2019 (October – September)**

3 – HSR Act Merger Transactions Reported – 2019

Chart 5: Monthly HSR Act Transactions Reported in the Fiscal Year 2018 (October – September)**

4 – HSR Act Merger Transactions Reported – 2018

Chart 6: HSR Act Annual Transactions Reported in Fiscal Years 2010 – 2021

HSR Act Merger Annual Transactions Reported 040621

*Monthly Real-Time Reporting First Report is October 2019 (Monthly Running Report)

**Based on Monthly Reporting as Represented in Annual HSR Transaction Reports

Additional Reading

Source: ComplexDiscovery

Have a Request?

If you have information or offering requests that you would like to ask us about, please let us know and we will make our response to you a priority.

ComplexDiscovery is an online publication that highlights data and legal discovery insight and intelligence ranging from original research to aggregated news for use by business, information technology, and legal professionals. The highly targeted publication seeks to increase the collective understanding of readers regarding data and legal discovery information and issues and to provide an objective resource for considering trends, technologies, and services related to electronically stored information.

ComplexDiscovery OÜ is a technology marketing firm providing strategic planning and tactical execution expertise in support of data and legal discovery organizations. Registered as a private limited company in the European Union country of Estonia, one of the most digitally advanced countries in the world, ComplexDiscovery OÜ operates virtually worldwide to deliver marketing consulting and services.

Relativity Acquires Text IQ

"We're merely scratching the surface of what the application of AI...

Sandline Discovery Acquires Frankfurt Germany-based 24legal

According to Dominic Piernot, co-founder of 24legal, “We are super excited...

Consilio and Xact Data Discovery Merger Closes

“We are very pleased to close the merger with Xact Data...

A SOLID Look from Europe? Legal Tech Merger and Acquisition Activity with Mike Bryant and John Jacobs

From Special Purpose Acquisition Companies (SPACs) to the recent flurry of...

A New Era in eDiscovery? Framing Market Growth Through the Lens of Six Eras

There are many excellent resources for considering chronological and historiographical approaches...

An eDiscovery Market Size Mashup: 2020-2025 Worldwide Software and Services Overview

While the Compound Annual Growth Rate (CAGR) for worldwide eDiscovery software...

Resetting the Baseline? eDiscovery Market Size Adjustments for 2020

An unanticipated pandemeconomic-driven retraction in eDiscovery spending during 2020 has resulted...

Home or Away? New eDiscovery Collection Market Sizing and Pricing Considerations

One of the key home (onsite) or away (remote) decisions that...

Five Great Reads on eDiscovery for May 2021

From cyber discovery and data breaches to business of law and...

Five Great Reads on eDiscovery for April 2021

From X-Road® and risk management to business confidence and cybersecurity, the...

Five Great Reads on eDiscovery for March 2021

From data breach economics and vulnerabilities to private-equity investments and vendor...

Five Great Reads on eDiscovery for February 2021

From litigation trends and legal tech investing to facial recognition and...

A Mushrooming Opportunity? Canopy Secures AI-Powered Data Breach Response Patent

According to Ralph Nickl, CEO and co-founder of Canopy, “Until recently,...

Exterro Launches FTK Central

According to Exterro Founder and CEO Bobby Balachandran, “FTK Central’s new processing...

The eDisclosure Systems Buyers Guide – 2021 Edition (Andrew Haslam)

Authored by industry expert Andrew Haslam, the eDisclosure Buyers Guide continues...

Relativity Acquires Text IQ

"We're merely scratching the surface of what the application of AI...

Checking Your Six? An Aggregate Overview of Six Semi-Annual eDiscovery Pricing Surveys

The anonymized aggregate results from six semi-annual surveys highlight eDiscovery pricing...

Alternative Price Styles? Summer 2021 eDiscovery Pricing Survey Results

Based on the complexity of data and legal discovery, it is...

Ready for Takeoff? Eighteen Observations on eDiscovery Business Confidence in the Spring of 2021

In the spring of 2021, 60.0% of eDiscovery Business Confidence Survey...

Issues Impacting eDiscovery Business Performance: A Spring 2021 Overview

In the spring of 2021, 25.0% of respondents viewed budgetary constraints...