Clifford Chance

Two Recent Transactions Highlight that Pulling-and-Re-filing is Anything But a Sure-Fire Way to Avoid a Second Request

14 January 2015

The parties to two separate transactions reportedly received pre-Christmas gifts from the U.S. antitrust officials by way of the issuance of requests for additional information, often referred to as Second Requests. This, despite that the parties in both transactions had pulled-and-re-filed their pre-merger notification filings ("HSR filing") required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). Whether the parties expected to receive the Second Requests is hard to say, but, the very fact of their issuance is a reminder that, while pulling-and-re-filing is a helpful tactic for many transactions, it is certainly not a sure-fire way to avoid a Second Request.

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