Managing MultiJurisdictional Mergers

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Managing Multi-Jurisdictional Mergers

• September 20, 2005
• John M. Taladay
• Partner, Howrey LLP

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Key Areas of Focus

• Pre-notification Planning
• Sensible Filing Strategies
• Managing the Substance
• Remedies Issues

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Pre-notification Considerations

• Last things first Prepare your story
• Condition precedent to closing
• Focus on approvals not notifications
• Pre-filing consultations can be crucial
• Simplified Proceedings
• Non-Complex Designations
• Short Form Filings

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Notification Issues

• Evaluating filing requirements
• Suspensory vs. Non-suspensory jurisdictions
• Mandatory vs. Voluntary filing requirements
• Beware of outlier jurisdiction in terms of
• Timing
• Thresholds
• Coordinate with other regulatory filings

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Managing the Substance

• Designate lead competition counsel
• Prepare basic story before first filing
• Let local competition counsel navigate local
  process, not substance
• Consistency always Except when inconsistency is
  better
• Be sensitive to political pressures

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Remedies

• Coordination and comity issues
• Tradeoff between speed and certainty
• Offering undertakings in phase one
• Conflicting remedies theory or reality?