FTC 'Streamlines' Merger Review

[SOURCE: Broadcasting&Cable, AUTHOR: John Eggerton]
The Federal Trade Commission, as of Friday, Feb. 17, has "streamlined" its merger review process to make it less burdensome on the staffs of both companies and the FTC to comply with "second requests" for information under Hart Scott Rodino (HSR) merger review. Those requests result if the Commission still has more questions about a merger after the initial 30-day waiting period under HSR. The FTC says that occurs in only about 5% of the mergers it is asked to review. But in those cases, the costs of producing the documents can run into the millions, says FTC, and extend the review time by as much as nine months. The reform essentially caps the number of staffers (35 under the new rules) whose files must be produced to comply with second requests, so long as certain baseline conditions are met. It also reduces the time frame from which information must be supplied and reduces the amount of information on "privileged" documents that must be automatically produced, though a full accounting of those documents must still be provided if the FTC decides it needs them.
http://www.broadcastingcable.com/article/CA6308732?display=Breaking+News...
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See FTC press release: http://www.ftc.gov/opa/2006/02/merger_process.htm