October 3, 2016

HSR: Second Requests Down – But Deal Challenges Up

This Perkins Coie memo reviews the FTC & DOJ’s HSR Annual Report for fiscal 2015.  Here’s a summary of the key findings:

– The number of HSR filings increased 8.3% in fiscal 2015, compared to fiscal year 2014.  The percentage of transactions investigated decreased 13.1%.  The percentage of investigated transactions leading to second requests dropped 2.1%, but the percentage of challenges to reported deals increased 17.4%.

– The agencies continue to enforce the HSR Act’s notification and waiting period requirements in “failure to file” situations, as reflected in the $480,000 civil penalty to be paid by Caledonia Investments plc for its failure to make the required HSR filing prior to a 2014 acquisition of voting securities of Bristow Group Inc.

John Jenkins