Agencies may issue a second request under the Hart-Scott-Rodino Act, extending the waiting period until substantial compliance. Requests typically seek years of documents from numerous custodians plus transactional data.
Compliance costs are substantial.
Alternative Names:
Second Request Investigation|HSR Second Request
Why it Matters?
Timing certainty rather than cost is the principal deal risk, since the waiting period continues until substantial compliance and negotiating the request's scope determines whether that takes months or longer, which can exhaust outside dates in the merger agreement. Early engagement on custodian counts, date ranges, and search protocols is the leverage point, and timing agreements formalize the schedule.
Frequently Confused with
Related terms
Frequently asked questions
What is the principal deal risk?
Where is the leverage point?
