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Got Second Requests? 41st Hart-Scott-Rodino Report Released

The recently released 41st Annual Hart-Scott-Rodino (HSR) Report shares a 10-year summary of HSR transactions reported, second requests issued, and early terminations granted by the agencies, as well as a detailed statistical profile of transactions reported during fiscal year 2018. Enacted by Congress in 1976, the Hart Scott Rodino Act gives the federal government the opportunity to investigate and challenge mergers that are likely to harm consumers before injury occurs. The Commission vote to issue the report was 5-0.

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Pivotal Acquisition Corp. to Merge with KLDiscovery

Pivotal Acquisition Corp., a public investment vehicle, and KLDiscovery, a global provider of electronic discovery and information governance services to Fortune 500 companies and top law firms, announced on May 20, 2019, that they have entered into a definitive agreement in which KLD and Pivotal will merge. As a result of the transaction, valued at approximately $800 million in enterprise value, KLD will become a publicly listed company.

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Say Again? The HSR Act and the Premerger Notification Program

While the percentage of transactions in which a Second Request was issued by either the FTC or DOJ was only 2.7% in 2015, 3.0% in 2016, and 2.6% in 2017, organizations engaged in merger and acquisition activities, either directly from a participatory position or indirectly from a supporting position, should proactively prepare to support the potential for a Second Request given the short deadlines and potential voluminous information requests that may require extensive use of data discovery and electronic discovery technologies and experts to ensure compliance with requests.

Considering Mergers and Acquisitions: 5 Behaviors of Leaders Who Embrace Change

At best, mergers and acquisitions (M&A’s) have a 50/50 chance of reaching their intended results. Study after study puts the failure rate closer to 70-90%. Why is the failure rate so high? Repeatedly, research cites the human factor as the leading reason why mergers and acquisitions fail.

Consilio and Advanced Discovery Merger Complete

Consilio and Advanced Discovery have announced [April 17, 2018] that the transaction to merge the companies is now complete. The combined company is now the world’s second largest services provider for information governance, risk management, eDiscovery and document and contract review.