1903007 Informal Interpretation

us-ftc-hsr-informal-interpretations-fb6cad021bac11dbf4ff9bd334eb84cb1903007 Informal InterpretationGuidance

Date

Tags:

Rule
802.21
Staff
Anne Six
Response/Comments

Agree.

Question

From: Six, Anne


Sent: Friday, March 29, 2019 11:38:35 AM (UTC-05:00) Eastern Time (US & Canada)


To: [Redacted]


Cc: [Redacted]


Subject: FW: Thresholds

Agree.

Anne K. Six

Attorney

Premerger Notification Office

Federal Trade Commission

From: [Redacted]


Sent: Thursday, March 28, 2019 6:20:06 PM (UTC-05:00) Eastern Time (US & Canada)


To: [Redacted]


Subject: Thresholds

Dear All:

Assume Individual A submitted a filing for the $100 million ( as adjusted) threshold in February 2017 to acquire stock of B. The waiting period expired in March 2017 and A acquired shares of B that caused A to cross the $100 million (as adjusted) threshold within one year of the expiration of the waiting period.

In July, 2018, A submitted a new filing for the $500 million ( as adjusted) threshold to acquire stock of B. The waiting period expired in August 2018 and while A has until August 2019 to cross the $500 million (as adjusted)threshold, given current stock values, that seems unlikely.

However, I believe that if subsequent to the expiration of the waiting period in August 2018, A acquired a single share of B stock causing A to hold B stock valued in excess of the $100 million ( as adjusted) threshold, A’s 2018 filing will be treated as a filing for the $100 million ( as adjusted) threshold, and that A can acquire additional B voting securities until August 2023 provided A’s holdings of B voting securities remain below the $500 million (as adjusted) threshold.

Do you agree?

Thank you.

1
Sheinberg, Samuel I.
From:
Sent: 	Friday, March 29, 2019 11:39 AM
To: 	Walsh, Kathryn E.; Berg, Karen E.; Biagioli, Kimberley; Carson, Timothy; Sheinberg,
Samuel I.; Whitehead, Nora
Subject: 	FW: Thresholds
From: Six, Anne
Sent: Friday, March 29, 2019 11:38:35 AM (UTC-05:00) Eastern Time (US & Canada)
To:
Cc:
Subject: FW: Thresholds
Agree.
Anne K. Six
Attorney
Premerger Notification Office
Federal Trade Commission
202‐326‐2799 | asix@ftc.gov
From:
Sent: Thursday, March 28, 2019 6:20 PM
To: Walsh, Kathryn E. <kwalsh@ftc.gov>; Berg, Karen E. <KBERG@ftc.gov>; Biagioli, Kimberley <kbiagioli@ftc.gov>;
Carson, Timothy <tcarson@ftc.gov>; Sheinberg, Samuel I. <SSHEINBERG@ftc.gov>; Six, Anne <asix@ftc.gov>;
Whitehead, Nora <nwhitehead@ftc.gov>
Subject: FW: Thresholds
From:
Sent: Thursday, March 28, 2019 6:20:06 PM (UTC-05:00) Eastern Time (US & Canada)
To:
Subject: Thresholds
Dear All:
Assume Individual A submitted a filing for the $100 million ( as adjusted) threshold in February 2017 to
acquire stock of B. The waiting period expired in March 2017 and A acquired shares of B that caused A to cross
the $100 million (as adjusted) threshold within one year of the expiration of the waiting period.
In July, 2018, A submitted a new filing for the $500 million ( as adjusted) threshold to acquire stock of B. The
waiting period expired in August 2018 and while A has until August 2019 to cross the $500 million (as
adjusted)threshold, given current stock values, that seems unlikely.
However, I believe that if subsequent to the expiration of the waiting period in August 2018, A acquired a
single share of B stock causing A to hold B stock valued in excess of the $100 million ( as adjusted) threshold,
A’s 2018 filing will be treated as a filing for the $100 million ( as adjusted) threshold, and that A can acquire
Complete printed PDF page 1
2
additional B voting securities until August 2023 provided A’s holdings of B voting securities remain below the
$500 million (as adjusted) threshold.
Do you agree?
Thank you.
This e-mail is sent by a law firm and contains information that may be privileged and confidential. If you are
not the intended recipient, please delete the e-mail and notify us immediately.
Complete printed PDF page 2

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