Spirited Antitrust Enforcement

A series of cases brought days apart in the final weeks of 2008 signal active antitrust enforcement, even as M&A activity slows. Both the Federal Trade Commission ("FTC") and the Antitrust Division of the U.S. Department of Justice ("Antitrust Division") are separately seeking to undo completed transactions that were not subject to the HSR notification requirements. In another case, the FTC has secured an $800,000 civil penalty for violation of the HSR Act¹.

Under the HSR Act, parties to transactions that meet statutory dollar thresholds (presently $63.1 million) may be required to file notification with the FTC and the Antitrust Division and to observe a waiting period prior to closing. The HSR Act provides a framework for the agencies to review transactions and to address competitive concerns prior to completion. Transactions that are not subject to the HSR Act are permitted to close without agency review. However, all mergers and acquisitions are subject to