Companies flooded the Federal Trade Commission with premerger notification filings the week before new requirements went into effect.
FTC’s Premerger Notification Office during the week ended Feb. 7 received nearly 400 filings that accounted for about 200 transactions, Chairman Andrew Ferguson said in a Monday staff memo. The filings represented an estimated fourfold increase from historical weekly averages. FTC staff should evaluate those filings using the 2023 merger guidelines, which the agency plans to retain, Ferguson said.
Related: FTC merger filing regulation takes effect
The new Hart-Scott-Rodino form, which went into effect Feb. 10, requires organizations to submit more detailed information about investors, previous transactions and other data. Companies considering potential mergers and acquisitions, including many health systems, rushed to file under the prior version.
Many health systems are waiting to see if the premerger notification form update will survive legal and potential congressional challenges.
