The Merger Review Process: A Step-by-step Guide to Federal Merger ReviewAmerican Bar Association, 2001 - 585 sider Revised and expanded, this comprehensive guide to the process and procedures of merger review at the federal agencies makes the federal review process more comprehensible and accessible to parties and their counsel. |
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Innhold
BACKGROUND | 1 |
b Sherman Act | 6 |
c Federal Trade Commission Act 5 | 7 |
b Additional Antitrust Division Investigatory Powersthe Antitrust Civil Process Act | 14 |
c Additional Federal Trade Commission Investigatory Powers | 15 |
d State Investigatory Powers | 16 |
3 JurisdictionalEnforcement Statutes | 17 |
b Federal Trade Commission Enforcement | 18 |
2 Enforcement Agency Procedures for Asserting Noncompliance and Commencing a Compliance Action | 195 |
4 The Appeal Process | 198 |
1 Litigating Compliance Disputes | 200 |
F What the Agency Staff Is Doing While the Parties Are Compiling the Response | 202 |
2 Preparation of Affidavits | 205 |
3 CIDs and Subpoenas for Documents | 206 |
4 Interviews and Depositions of Party Employees | 207 |
5 Confidentiality Undertakings | 210 |
c Private Enforcement | 20 |
B Overview of the Enforcement Agencies and the Review Process | 21 |
b The Antitrust Division | 25 |
2 The Review Process | 26 |
b Reviewers and Ultimate Decision Makers | 28 |
2 The FTC | 29 |
C Confidentiality Considerations | 31 |
2 Disclosure to State Attorneys General | 35 |
3 Disclosures to Foreign Antitrust Enforcement Authorities | 40 |
4 Confidentiality of Materials Submitted in Response to Compulsory Process | 41 |
5 Confidentiality of Voluntary Submissions | 44 |
BEFORE THE HARTSCOTTRODINO FILING | 49 |
A Making the Initial Substantive Assessment | 50 |
1 Public Information | 52 |
2 Internal Client Documents | 53 |
3 Client Personnel | 55 |
4 Industry Participants | 56 |
5 Industry Consultants and Associations | 57 |
6 Antitrust Economists | 58 |
B Understanding and Explaining the HartScottRodino Merger Review Process | 59 |
C Determining Whether the Transaction Is Reportable under the HartScottRodino Act | 66 |
D Valuation of Transactions | 71 |
1 Acquisition of Assets | 72 |
E Controlling Exposure | 73 |
2 Coordinating with Other Competition Counsel | 76 |
3 Coordinating with Other Filings and Releases | 78 |
5 Developing a Strategy | 80 |
F Analyzing and Shaping the Parties Contractual Obligations | 82 |
2 Provisions That May Give Rise to Antitrust Exposure | 86 |
3 Agreements among Counsel | 90 |
G Preparing the HSR Filing | 92 |
2 Completing the Form | 95 |
3 Voluntary Submissions | 96 |
5 Sources of Information | 97 |
6 The Mechanics of Filing | 98 |
c Faxed Signature Pages | 99 |
e Notarial Seals | 100 |
H Prefiling Communications with the Enforcement Agencies | 102 |
2 Types of SubmissionsForm and Format | 105 |
3 Possible Impact on Claims of Privilege | 106 |
5 Other Vehicles for Communication with the Agencies | 107 |
I Preflling Investigations Initiated by the Enforcement Agencies | 108 |
2 Procedures at the FTC | 109 |
J The Role of InHouse Counsel | 110 |
1 Establishing an HSR Compliance Program | 111 |
c Warrant and Option Exercises and Conversions | 112 |
3 Preparation of the HSR Filing | 113 |
b Item 4c Documents | 114 |
5 Contacts with the Reviewing Staff | 115 |
DURING THE INITIAL WAITING PERIOD | 117 |
B Preclearance Review | 125 |
2 Preliminary Investigation | 127 |
c Conduct of the Initial Investigation | 128 |
C Preclearance Communications with Agency Staffs | 129 |
2 Forum Shopping | 131 |
D The Clearance Procedure | 133 |
2 Agency Escalation of a Clearance Dispute | 134 |
2 Interviews with Customers Competitors and Complainants | 135 |
3 Conclusion of the Initial Investigation | 136 |
F Issuance of a Second Request | 137 |
2 Internal Mechanism at the Antitrust Division | 139 |
4 Alternatives to Issuance of a Second Request | 140 |
G Tactical Options Available to Counsel | 141 |
2 Transactions That Raise Substantive Antitrust Concerns | 142 |
a Working with Counsel for the Other Party | 144 |
b Deciding Whether to Hire an Economist | 145 |
c Submitting Information to the Reviewing Agency | 146 |
d Preparing a White Paper | 148 |
e Identifying Customers for Agency Interviews | 150 |
f Making a Presentation to the Agency | 151 |
g Preparing to Respond to a Second Request | 153 |
WHILE COMPILING THE SECOND REQUEST RESPONSE | 155 |
1 Description of the Negotiation Process | 159 |
2 Timing of Negotiations | 161 |
3 Preparation for the Negotiation | 162 |
4 Whether to Raise Particular Issues | 165 |
5 Limitations That Are Routinely Granted | 167 |
c Transactional Documents | 168 |
f Translations | 169 |
h Privilege Logs | 170 |
b Foreign and Affiliate Offices | 171 |
1 The Quick Look Procedure | 172 |
2 Phased Production | 175 |
C Compiling the Second Request Response | 176 |
a Location | 177 |
b Controlling Document Collection and Review | 178 |
d Creating the Master List | 179 |
2 The Logistics of Responding to Interrogatories | 184 |
3 The Privilege Log | 185 |
4 Objections and Noncompliance Statements | 186 |
5 Final Preparations for Submission | 187 |
6 Second Request Compliance Checklist | 188 |
D Substantial Compliance and Compliance Disputes | 190 |
1 The Statutory Framework | 191 |
G What Counsel Can Do Beyond Compiling the Response | 212 |
2 Developing the Affirmative Case | 216 |
3 Communications with Agency Staff | 218 |
AFTER RESPONDING TO THE SECOND REQUEST | 221 |
B Meetings with the Section Chief or Assistant Director after the Staff Has Recommended Challenge | 227 |
C Higher Level Review | 230 |
2 At the Antitrust Division | 238 |
D Timing and Extensions | 243 |
E Responses to the Agencys Determination | 246 |
1 If the Agency Decides Not to Challenge | 247 |
2 If the Agencys Determination Is Adverse | 248 |
c Proceeding to Litigation | 249 |
d Abandoning the Transaction | 252 |
DIFFERENCES IN THE PROCESS FOR NONREPORTABLE TRANSACTIONS | 255 |
B Transactions Subject to Prior Notification to the FTC | 256 |
C Transactions Not Subject to HSR Notification Requirements or Prior Notification | 257 |
1 Deciding Whether to Notify the Agencies of a Nonreportable Transaction | 258 |
2 NonHSR Investigations | 259 |
b Differences in Timetables | 260 |
3 Issuance of Process to the Parties | 262 |
a Antitrust Division | 263 |
b Federal Trade Commission | 265 |
4 Agency Review Process | 267 |
D Conclusion | 268 |
THIRDPARTY INVOLVEMENT IN THE MERGER REVIEW PROCESS | 269 |
2 State Attorneys General | 274 |
3 Other US Agencies | 276 |
B Representing Third Parties Who Receive Compulsory Process in Connection with Merger Investigation | 279 |
1 The Antitrust Division | 282 |
2 The Federal Trade Commission | 284 |
C Representing Third Parties Wishing to Object to a Merger | 286 |
RESOLUTION WITHOUT LITIGATION | 293 |
A Strategic Considerations in the Timing and Substance of Proposed Resolutions | 294 |
1 Considerations Common to FixItFirst Resolutions and Consent Orders | 295 |
2 Considerations Unique to FixltFirst Resolutions | 299 |
B Procedures at the FTC | 301 |
2 Review of a Proposed Consent Order | 302 |
3 Placement of the Proposed Consent Agreement on the Public Record for Comment | 303 |
5 Compliance Procedures | 305 |
b Confidentiality and Access to Compliance Reports | 307 |
C Procedures at the Department of Justice | 308 |
2 Review of a Proposed Consent Decree | 309 |
A Tool for Disclosure | 310 |
c How the Tunney Act Works | 311 |
2 Public Comment | 313 |
4 The Courts Role under the Tunney Act | 314 |
d Strategic and Tactical Aspects of the Tunney Act | 318 |
b Seeking Federal Trade Commission Approval for Divestiture | 323 |
c Seeking Antitrust Division Approval for Divestiture | 326 |
2 Hold Separate and Asset Maintenance Requirements | 327 |
3 Trustee Provisions | 328 |
4 Prior Approval Provisions | 330 |
5 Order Termination Provisions | 332 |
7 Supply Arrangements and Technical Assistance | 333 |
CLAYTON ACT 7 | 335 |
ABAS GUIDANCE FOR FEDERAL MERGER INVESTIGATIONS AND COMPLYING WITH SECOND REQUESTS | 337 |
SHERMAN ACT 12 | 371 |
FTC ACT 5 | 373 |
HSR ACT | 383 |
THE HSR REFORM ACT OF 2000 | 389 |
HSR NOTIFICATION AND REPORT FORM AND INSTRUCTIONS | 393 |
NAAG VOLUNTARY PREMERGER DISCLOSURE COMPACT | 416 |
PROTOCOL FOR COORDINATION IN MERGER INVESTIGATIONS BETWEEN THE FEDERAL ENFORCEMENT AGENCIES AND STATE AT... | 424 |
CLAYTON ACT 15 | 437 |
SHERMAN ACT 4 | 439 |
TUNNEY ACT | 441 |
ORGANIZATION CHARTS | 447 |
FTC EXPERTISE LIST BY LITIGATION AND REGIONAL OFFICES | 449 |
ANTITRUST DIVISION STANDARD INDUSTRIAL CODE ALLOCATION | 463 |
SAMPLE WAIVER LETTERS | 487 |
SAMPLE RETENTIONCONFIDENTIALITY AGREEMENT FOR AN ECONOMIC CONSULTANT | 501 |
SAMPLE CONTRACTUAL PROVISIONS ALLOCATING RISK | 503 |
SAMPLE JOINT DEFENSE AGREEMENT | 505 |
SAMPLE LIST OF QUESTIONS TO CLIENT FOR COMPLETION OF AN HSR FILING | 507 |
SAMPLE SECTION 1746 DECLARATION | 511 |
FTCDOJ CLEARANCE PROCEDURE | 513 |
FTCDOJ ANNOUNCEMENT OF EXPEDITED CLEARANCE PROCEDURE | 517 |
MODEL SECOND REQUEST | 519 |
SECOND REQUEST INTERNAL APPEAL PROCEDURE | 531 |
FTCDOJ ANNOUNCEMENT ON QUICK LOOK PROCEDURE | 535 |
IDENTIFYING PRIVILEGED MATERIAL AND MAINTAINING PRIVILEGE WHEN COMPLYING WITH SECOND REQUESTS | 537 |
SAMPLE AGENCY ASSURANCE OF PROTECTION OF CONFIDENTIAL INFORMATION | 555 |
SAMPLE PROTECTIVE ORDER | 557 |
SAMPLE LETTER ADVISING OF SUBSTANTIAL COMPLIANCE WITH SECOND REQUEST | 563 |
SAMPLE LETTER EXTENDING WAITING PERIOD | 565 |
SAMPLE LETTER SETTING DEADLINES FOR ANTITRUST DIVISION INVESTIGATION | 567 |
SAMPLE LETTER CONTAINING NOTICE AGREEMENT | 569 |
SAMPLE WITHDRAWAL LETTER AND AGENCY RESPONSE | 571 |
SAMPLE LETTER WAIVING CONFIDENTIALITY TO ALLOW COMMUNICATIONS BETWEEN FEDERAL AGENCY AND STATE ATTORN... | 573 |
SAMPLE LETTER WAIVING HSR CONFIDENTIALITY FOR OTHER REGULATORY AGENCIES | 577 |
SAMPLE LETTERS CONTAINING SET AND ROLLING EXTENSIONS | 579 |
SAMPLE LETTER FROM COMPLIANCE DIVISION FOLLOWING ISSUANCE OF CONSENT ORDER | 581 |
SAMPLE 15 USC 16G FILING | 585 |
Vanlige uttrykk og setninger
acquiring person acquisition additional agency staff agency's agreement anticompetitive ANTITRUST LAW assets Assistant Attorney Bureau of Competition challenge Clayton Act clearance client competitive concerns competitors comply compulsory process confidential information consent decree consent judgment consent order consummation coordinate copy customers decision determine disclosure discuss district court divestiture dollar revenues economist enforcement agencies entity European Commission federal agencies Federal Trade Commission FTC's HCTF HSR Act HSR filing identify industry initial waiting period interrogatories interviews Item litigation materials Merger II merger investigations merger review process merging parties modifications negotiations Northeast Region obtain person filing notification potential preliminary injunction Premerger Notification Office prepared prior privilege procedures proposed transaction pursuant recommendation relevant product reports Second Request response Section seek specific submitted subpoena substantial compliance supra note tender offer third parties Trade Reg Tunney Act United voting securities