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Date
Rule
801.30
Staff
Kristin Shaffer
Response/Comments

Yes, this is acceptable. Please note these circumstances in the cover letter and Item 3(a) description.

Question

From: Shaffer, Kristin <kshaffer@ftc.gov>
Sent: Thursday, July 7, 2022 8:49:22 AM (UTC-05:00) Eastern Time (US & Canada)
To: [Redacted]
Cc: [Redacted]
Subject: RE: HSR Waiting Period in Tender Offer Context

[Redacted]

Yes, this is acceptable. Please note these circumstances in the cover letter and Item 3(a) description.

Best regards,

Kristin

From: [Redacted]
Sent: Tuesday, July 5, 2022 5:36 PM
To: HSRHelp (HSRHelp@ftc.gov) <HSRHelp@ftc.gov>
Cc: [Redacted]
Subject: HSR Waiting Period in Tender Offer Context

Dear All:

I have a transaction in which a buyer will commence a cash tender offer to cross the $101 million threshold. It then plans to acquire additional shares from selling shareholders that would result in the buyer’s crossing the $202 million threshold.

Can the acquiring person submit a single filing covering its entire plan with the tender offer subject to a 15 day period and the remaining acquisitions subject to a 30 day period? PNPM 224 seems to contemplate such an approach, although that involved a merger subject to 803.5(b) and that would not be the case here.

About Informal Interpretations

Informal interpretations provide guidance from previous staff interpretations on the applicability of the HSR rules to specific fact situations. You should not rely on them as a substitute for reading the Act and the Rules themselves. These materials do not, and are not intended to, constitute legal advice.

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