FTC Temporarily Halts Early M&A Terminations; 2 Commissioners Object

The FTC and DOJ Antitrust Division temporarily suspended early terminations of the Hart-Scott-Rodino waiting-period review of mergers and acquisitions, over the objections of FTC Commissioners Noah Phillips and Christine Wilson. The commission said it expects the suspension to be "brief." Given "the confluence of an historically unprecedented volume of filings during a leadership transition amid a pandemic, we will presume we need those 30 days" for reviewing the competitive implications of a proposed transaction "to ensure we are doing right by competition and consumers," said FTC acting Chairwoman Rebecca Kelly Slaughter. Phillips and Wilson said the suspension seems "unwarranted" without better explanation, and past suspensions have been done only in response to a crisis.