The Federal Trade Commission adopted changes to the premerger notification rules under the Hart-Scott-Rodino Act (the "HSR Act"). Parties to a transaction subject to the HSR Act are required to use a revised HSR Act form and provide additional categories of information.
The most significant change requires the disclosure of detailed information about relationships between private equity funds and other entities 'associated" with the buyer that compete or have equity investments in the same business categories as the target. Another change requires the filing parties to submit new categories of documents with the revised HSR Act form including documents prepared by third party advisors that cover competitive issues or analyze potential synergies and efficiencies of the proposed transaction. A further change eliminates several categories of information (i.e., base year revenues and certain SEC filings) of limited value in a preliminary transaction review.
FTC News Release - File No. P989316 (July 7, 2011)