Parties to transactions requiring filings under the
Hart-Scott-Rodino (HSR) Act are already facing considerable
headwinds from US President Joe Biden's antitrust enforcement
agencies on important
substantive and procedural issues
that will delay transactions closing and potentially increase
compliance costs and burdens. The HSR Act requires parties to
transactions that meet certain financial thresholds to notify
the FTC and DOJ, and observe a mandatory waiting period, prior to
closing.
Most recently, on February 4, the US antitrust enforcement
agencies hit the pause button on using their discretion to grant
early termination of the HSR waiting period. "Early
termination" is a process through which the agencies will
agree to shorten the waiting period when parties request early
termination and the agencies determine the transaction does not
raise substantive antitrust issues. The suspension was announced at
the end of a two-week period during which early termination
