The number of HSR second requests is probably rising because M&A activity is rising! As Onna discusses, understanding HSR second requests today includes knowing about recent changes to the second request review process!

Their article (Understanding HSR second requests, available here) discusses the fact that the M&A market had a record-breaking year in 2021 with more than $5 trillion in global volume. High private equity activity, a soaring stock market, and low-interest rates contributed to an exceptionally busy landscape, which experts expect to continue throughout 2022.

The article discusses what the HSR Act is and what a second request is, which is the first step to understanding HSR second requests. But to fully understand them today, you need to also be aware of the changes that the Bureau of Competition announced to its second request review process in September 2021. These changes have made the second request process more rigorous than ever for parties that are involved in second request transactions. And it was already quite rigorous to begin with!

So, what are the recent changes to the second request review process? And how do you prepare for a second request? Check out their article here to find out!

And here is another way to further understanding HSR second requests. Join Onna and Epiq for the ACEDS webinar From Offer to Deal: HSR Second Request Best Practices in two weeks on August 2 at 1pm ET, where Erin Toomey of Epiq and Allison Keane and Michelle Kovitch of Onna will discuss key considerations and best practices for creating an effective, accurate, and timely response to Second Requests! More information and registration link available here!

So, what do you think? Were you aware there were recent changes that made the second request review process even tougher? Now you are! Please share any comments you might have or if you’d like to know more about a particular topic.

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