Mon. Apr 15th, 2024

Content Assessment: A Hart-Scott-Rodino Act Transaction Update (May 2021)

Information - 90%
Insight - 90%
Relevance - 95%
Objectivity - 100%
Authority - 100%

95%

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 2020, 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 reports 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-May)*

HSR Act Merger Transactions Reported – 2021

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 – May 2021)*

COVID Constraints – HSR Act Merger Transactions Reported – FY 2020-21

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

*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 OÜ is a highly recognized digital publication focused on providing detailed insights into the fields of cybersecurity, information governance, and eDiscovery. Based in Estonia, a hub for digital innovation, ComplexDiscovery OÜ upholds rigorous standards in journalistic integrity, delivering nuanced analyses of global trends, technology advancements, and the eDiscovery sector. The publication expertly connects intricate legal technology issues with the broader narrative of international business and current events, offering its readership invaluable insights for informed decision-making.

For the latest in law, technology, and business, visit ComplexDiscovery.com.

 

Generative Artificial Intelligence and Large Language Model Use

ComplexDiscovery OÜ recognizes the value of GAI and LLM tools in streamlining content creation processes and enhancing the overall quality of its research, writing, and editing efforts. To this end, ComplexDiscovery OÜ regularly employs GAI tools, including ChatGPT, Claude, Midjourney, and DALL-E, to assist, augment, and accelerate the development and publication of both new and revised content in posts and pages published (initiated in late 2022).

ComplexDiscovery also provides a ChatGPT-powered AI article assistant for its users. This feature leverages LLM capabilities to generate relevant and valuable insights related to specific page and post content published on ComplexDiscovery.com. By offering this AI-driven service, ComplexDiscovery OÜ aims to create a more interactive and engaging experience for its users, while highlighting the importance of responsible and ethical use of GAI and LLM technologies.