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This comprehensive guide to the process and procedures of merger review at the federal agencies makes the federal review process more comprehensible and accessible to parties and their counsel.

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• Foreword(p. xiii)
• Preface(p. xv)
• Chapter I Background
• A Statutory Authority(p. 1)
• 1 Substantive Statutes(p. 1)
• a Clayton Act Section 7(p. 1)
• b Sherman Act(p. 6)
• c FTC Act Section 5(p. 7)
• d State Laws(p. 7)
• 2 Investigative Statutes(p. 8)
• a Clayton Act Section 7A (The HSR Act)(p. 8)
• b Additional Antitrust Division Investigatory Powers - The Antitrust Civil Process Act(p. 15)
• c Additional FTC Investigatory Powers(p. 16)
• d State Investigatory Powers(p. 17)
• 3 Jurisdictional/Enforcement Statutes(p. 18)
• a Antitrust Division Enforcement(p. 18)
• b FTC Enforcement(p. 19)
• c Private Enforcement(p. 20)
• d State Attorneys General Enforcement(p. 21)
• e Other Regulatory Agency Enforcement(p. 21)
• 4 Foreign Laws(p. 21)
• B Overview of the Enforcement Agencies and the Review Process(p. 22)
• 1 The Federal Agencies(p. 22)
• a The FTC(p. 22)
• b The Antitrust Division(p. 26)
• 2 The Review Process(p. 26)
• a Initial Review and the Investigation(p. 26)
• b Reviewers and Ultimate Decision Makers(p. 29)
• 1 The Antitrust Division(p. 29)
• 2 The FTC(p. 29)
• c Enforcement Actions(p. 30)
• C Confidentiality Considerations(p. 32)
• 1 Confidentiality of HSR Materials(p. 32)
• 2 Disclosure to State Attorneys General(p. 35)
• 3 Disclosures to Foreign Antitrust Enforcement Authorities(p. 40)
• 4 Confidentiality of Materials Submitted in Response to Compulsory Process(p. 41)
• 5 Confidentiality of Voluntary Submissions(p. 44)
• D The Sarbanes-Oxley Act of 2002 and its Implications(p. 46)
• E The Exon-Florio National Security Review Process(p. 48)
• Chapter II Before the Hart-Scott-Rodino Filing
• A Making the Initial Substantive Assessment(p. 52)
• 1 Public Information(p. 53)
• 2 Internal Client Documents(p. 55)
• 3 Client Personnel(p. 56)
• 4 Industry Participants(p. 57)
• 5 Industry Consultants and Associations(p. 59)
• 6 Antitrust Economists(p. 59)
• B Understanding and Explaining the Hart-Scott-Rodino Merger Review Process(p. 60)
• C Determining Whether the Transaction Is Reportable under the Hart-Scott-Rodino Act(p. 67)
• D Valuation of Transactions(p. 73)
• 1 Acquisition of Assets(p. 73)
• 2 Acquisition of Voting Securities(p. 74)
• E Controlling Exposure(p. 75)
• 1 Item 4(c) Documents(p. 75)
• 2 Coordinating with Other Competition Counsel(p. 77)
• 3 Coordinating with Other Filings and Releases(p. 79)
• 4 Managing Trade and Press Relations(p. 79)
• 5 Developing a Strategy(p. 81)
• F Analyzing and Shaping the Parties' Contractual Obligations(p. 83)
• 1 Provisions That Govern the Allocation of Transaction-Related Antitrust Risk(p. 83)
• 2 Provisions That May Give Rise to Antitrust Exposure(p. 87)
• 3 Agreements among Counsel(p. 92)
• G Preparing the HSR Filing(p. 94)
• 1 Sources of Advice(p. 94)
• 2 Completing the Form(p. 97)
• 3 Voluntary Submissions(p. 97)
• 4 Estimates and Noncompliance(p. 98)
• 5 Sources of Information(p. 99)
• 6 The Mechanics of Filing(p. 100)
• a Delivery of the Filing(p. 100)
• b Filing Fee(p. 100)
• c Faxed Signature Pages(p. 101)
• d 28 U.S.C. Section 1746 - Declaration in Lieu of Notarized Statement(p. 101)
• e Notarial Seals(p. 101)
• f Confidentiality(p. 101)
• g Copies of Preprinted Form(p. 102)
• 7 Practitioner's Checklist(p. 102)
• H Prefiling Communications with the Enforcement Agencies(p. 104)
• 1 When Such Communications Should Be Considered(p. 104)
• 2 Types of Submissions - Form and Format(p. 107)
• 3 Confidentiality and Possible Impact on Claims of Privilege(p. 108)
• 4 Prefiling Meetings(p. 108)
• 5 Other Vehicles for Communication with the Agencies(p. 110)
• I Prefiling Investigations Initiated by the Enforcement Agencies(p. 110)
• 1 Procedures at the Antitrust Division(p. 110)
• 2 Procedures at the FTC(p. 111)
• J The Role of In-House Counsel(p. 112)
• 1 Establishing an HSR Compliance Program(p. 113)
• a Control over Disbursements(p. 113)
• b Tracking Investments(p. 113)
• c Warrant and Option Exercises and Conversions(p. 114)
• d Advice to Executives with Authority over Transactions(p. 114)
• e Acquisitions by Subsidiaries(p. 114)
• 2 Prefiling Issues Involving a Particular Transaction(p. 114)
• 3 Preparation of the HSR Filing(p. 115)
• a Information about the Company(p. 115)
• b Item 4(c) Documents(p. 116)
• 4 Second Requests(p. 116)
• 5 Contacts with the Reviewing Staff(p. 116)
• Chapter III During the Initial Waiting Period
• A Review of the HSR Filing for Compliance(p. 119)
• B Preclearance Review(p. 127)
• 1 Assignment within the Agency(p. 127)
• 2 Preliminary Investigation(p. 128)
• a Nonpublic Sources of Information(p. 129)
• b Public Information(p. 129)
• c Conduct of the Initial Investigation(p. 130)
• C Preclearance Communications with Agency Staffs(p. 130)
• 1 Preclearance Contacts(p. 130)
• 2 Forum Shopping(p. 133)
• D The Clearance Procedure(p. 134)
• 1 Overview of the Clearance Procedure(p. 134)
• 2 Agency Escalation of a Clearance Dispute(p. 135)
• E Preliminary Investigation after Clearance(p. 136)
• 1 Requests to the Parties(p. 136)
• 2 Interviews with Customers, Competitors, and Complainants(p. 137)
• 3 Conclusion of the Initial Investigation(p. 138)
• F Issuance of a Second Request(p. 138)
• 1 Internal Mechanism at the FTC(p. 138)
• 2 Internal Mechanism at the Antitrust Division(p. 140)
• 3 Preparation of the Second Request(p. 140)
• 4 Alternatives to Issuance of a Second Request(p. 141)
• G Tactical Options Available to Counsel(p. 142)
• 1 Transactions That Do Not Raise Serious Antitrust Concerns(p. 142)
• 2 Transactions That Raise Substantive Antitrust Concerns(p. 143)
• a Working with Counsel for the Other Party(p. 145)
• b Deciding Whether to Hire an Economist(p. 146)
• c Submitting Information to the Reviewing Agency(p. 147)
• d Preparing a "White Paper"(p. 149)
• e Identifying Customers for Agency Interviews(p. 150)
• f Making a Presentation to the Agency(p. 151)
• g Preparing to Respond to a Second Request(p. 154)
• Chapter IV While Compiling the Second Request Response
• A Negotiating the Scope of the Second Request(p. 157)
• 1 Description of the Negotiation Process(p. 161)
• 2 Timing of Negotiations(p. 163)
• 3 Preparation for the Negotiations(p. 164)
• 4 Whether to Raise Particular Issues(p. 168)
• 5 Limitations That Are Routinely Granted(p. 169)
• a Cutoff Date(p. 169)
• b Time Period Covered(p. 170)
• c Transactional and Financial Documents(p. 170)
• d Call Reports(p. 171)
• e Customer Files(p. 171)
• f Translations(p. 171)
• g Electronic Documents(p. 172)
• h Privilege Logs(p. 173)
• 6 Limitations Traded for Concessions(p. 174)
• a Venue(p. 174)
• b Foreign and Affiliate Offices(p. 174)
• B Potential Alternatives to Full Compliance(p. 175)
• 1 The "Quick Look" Procedure(p. 175)
• 2 Phased Production(p. 178)
• C Compiling the Second Request Response(p. 179)
• 1 The Logistics of Conducting the Search(p. 179)
• a Location of Document Review(p. 180)
• b Controlling Document Collection and Review(p. 181)
• c Copying and Numbering(p. 181)
• d Creating the Master List(p. 181)
• e The Physical Production(p. 182)
• 2 The Logistics of Responding to Interrogatories(p. 187)
• 3 The Privilege Log(p. 188)
• 4 Objections and Noncompliance Statements(p. 189)
• 5 Final Preparations for Submission(p. 189)
• 6 Second Request Compliance Checklist(p. 191)
• D Substantial Compliance and Compliance Disputes(p. 193)
• 1 The Statutory Framework(p. 194)
• 2 Enforcement Agency Procedures for Asserting Noncompliance and Commencing a Compliance Action(p. 197)
• 3 Negotiating Resolution to Compliance Disputes(p. 197)
• 4 The Appeals Process(p. 200)
• a FTC Procedures(p. 200)
• b DOJ Procedure(p. 202)
• 5 Litigating Compliance Disputes(p. 202)
• E What the Agency Staff Is Doing While the Parties Are Compiling the Response(p. 204)
• 1 Third-Party Interviews(p. 204)
• 2 Preparation of Affidavits/Declarations(p. 208)
• 3 CIDs and Subpoenas for Documents(p. 208)
• 4 Interviews and Depositions of Party Employees(p. 210)
• 5 Confidentiality Undertakings(p. 212)
• F What Counsel Can Be Doing beyond Compiling the Response(p. 215)
• 1 Tracking Staffs Third-Party Efforts(p. 215)
• 2 Developing the Affirmative Case(p. 218)
• 3 Communications with Agency Staff(p. 220)
• Chapter V After Responding to the Second Request
• A The Agency's Continuing Investigation(p. 224)
• B Meetings with the Section Chief or Assistant Director after the Staff Has Recommended Challenge(p. 232)
• 1 White Papers(p. 235)
• C Higher Level Review(p. 236)
• 1 At the FTC(p. 236)
• 2 At the Antitrust Division(p. 242)
• D Timing and Extensions(p. 247)
• E Responses to the Agency's Determination(p. 250)
• 1 If the Agency Decides Not to Challenge(p. 251)
• 2 If the Agency's Determination Is Adverse(p. 252)
• a Deferring Action(p. 252)
• b Settlement Negotiations(p. 252)
• c Proceeding to Litigation(p. 254)
• d Abandoning the Transaction(p. 256)
• Chapter VI Differences in the Process for Nonreportable Transactions
• A Introduction(p. 259)
• B Transactions Not Subject to HSR Notification Requirements(p. 260)
• 1 Deciding Whether to Notify the Agencies of a Nonreportable Transaction(p. 262)
• 2 Non-HSR Investigations(p. 264)
• a Non-HSR Investigational Tools(p. 264)
• b Differences in Timetables(p. 264)
• 3 Issuance of Process to the Parties(p. 266)
• a Antitrust Division(p. 267)
• b Federal Trade Commission(p. 268)
• 4 Agency Review Process(p. 271)
• C Conclusion(p. 271)
• Chapter VII Third-Party Involvement In The Merger Investigation
• A Representing Parties in Mergers Involving Coordination with Other Government Agencies(p. 273)
• 1 Foreign Governments(p. 273)
• 2 State Attorneys General(p. 281)
• 3 Other U.S. Agencies(p. 285)
• B Representing Third Parties Who Receive Compulsory Process in Connection with Merger Investigation(p. 288)
• 1 The Antitrust Division(p. 291)
• 2 The Federal Trade Commission(p. 293)
• C Representing Third Parties Wishing to Object to a Merger(p. 295)
• Chapter VIII Resolution Without Litigation
• A Strategic Considerations in the Timing and Substance of Proposed Resolutions(p. 303)
• 1 Considerations Common to Fix-It-First Resolutions and Consent Orders(p. 304)
• 2 Considerations Unique to Fix-It-First Resolutions(p. 310)
• 3 Resolution Without Litigation at Home and Abroad(p. 313)
• B Procedures at the FTC(p. 314)
• 1 Negotiation of a Proposed Consent Order(p. 314)
• 2 Review of a Proposed Consent Order(p. 315)
• 3 Placement of the Proposed Consent Agreement on the Public Record for Comment(p. 316)
• 4 Acceptance of the Final Consent Order by the Commission(p. 317)
• 5 Compliance Procedures(p. 319)
• a Standard Requirements(p. 319)
• b Filing Procedures(p. 322)
• c Confidentiality and Access to Compliance Reports(p. 322)
• 1 Generally(p. 322)
• 2 Procedures for Requesting Confidential Treatment(p. 322)
• d Procedures When Respondent Fails to Comply(p. 323)
• C Procedures at the Department of Justice(p. 323)
• 1 Negotiation of a Proposed Consent Decree(p. 323)
• 2 Review of a Proposed Consent Decree(p. 324)
• 3 The Tunney Act Process(p. 325)
• a The Tunney Act: A Tool for Disclosure(p. 325)
• b When the Tunney Act Applies(p. 326)
• c How the Tunney Act Works(p. 326)
• 1 Disclosure of Information by the Government(p. 327)
• 2 Public Comment(p. 328)
• 3 The Defendant's Role under the Tunney Act(p. 329)
• 4 The Court's Role under the Tunney Act(p. 331)
• d Strategic and Tactical Aspects of the Tunney Act(p. 334)
• D Typical Provisions of Consent Orders(p. 336)
• 1 Divestiture(p. 336)
• a Overview(p. 336)
• b Differences between DOJ and FTC Consent Orders(p. 338)
• c Seeking Federal Trade Commission Approval for Divestiture(p. 342)
• d Seeking Antitrust Division Approval for Divestiture(p. 344)
• 2 Hold Separate and Asset Maintenance Requirements(p. 345)
• 3 Trustee Provisions(p. 347)
• 4 Prior Approval Provisions(p. 349)
• 5 Order Termination Provisions(p. 351)
• 6 Other Procedural Provisions(p. 351)
• 7 Supply Arrangements and Technical Assistance(p. 351)