Bloomberg To Acquire BNA: Opportunity For Public Comment On The Proposed Acquisition

Bloomberg has just announced its intention to acquire BNA for a cash-tender offer of approximately $990 million. Bloomberg also provides answers to questions about the proposed acquisition. Under the Hart–Scott–Rodino Antitrust Improvements Act of 1976, Bloomberg must file pre-merger notification and report forms with the FTC and the the Department of Justice Period. During an initial waiting period, these agencies review the filings for possible antitrust violations and determine whether to investigate further. If neither agency decides to further investigate the transaction, the waiting period ends 30 days after the agencies received the acquirer’s pre-merger notification, unless the transaction involves a cash-tender offer. In that case, the waiting period ends in 15 days. (15 U.S.C. §18a(b)(1)). According to an FTC Guide, “any interested person, including either of the parties [to the transaction], is free to present information to either or both agencies at any time.”

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