- The resumption of the early termination program has already resulted in a notable increase in the number of early termination requests granted. Based on historical data (FY2011 to FY2020), roughly 79% of early termination requests were granted each year. With the suspension of early termination granting in February 2021, the percentage of transactions granted early termination essentially dropped to 0%. Although the precise percentage of transactions granted early termination may vary, it is reasonable to expect a return to the pre-FY2021 standard. Note, however, that a grant of early termination does not necessarily result in a substantially shorter HSR waiting period.6
- A renewed willingness on the part of the Agencies to consider remedies is providing merging parties with more avenues to resolve antitrust issues and, ultimately, consummate transactions. This is already playing out in practice, with several transactions in recent months addressing concerns raised by the Agencies via consent decrees and settlements.
Up next: forthcoming client alerts
The latest edition of our merger control trends report will delve further into developments in U.S. merger control and impacts on merging parties, as well as provide global trends in merger control enforcement.
Footnotes
1. See, e.g., Jonathan Kanter, Assistant Att’y Gen., Antitrust Div., U.S. Dep’t of Just., Remarks to the New York State Bar Association Antitrust Section (Jan. 24, 2022) “[W]hen the division concludes that a merger is likely to lessen competition, in most situations we should seek a simple injunction to block the transaction. It is the surest way to preserve competition.”
2. Of the total number (2,031) of notified transactions, 1,973 were subject to HSR review. Notified transactions that are not subject to HSR review include: (i) incomplete notifications, (ii) exempt transactions (e.g., which are reviewable by another federal agency but are still subject to filing with the FTC and DOJ), (iii) non-reportable transactions, and (iv) withdrawn transactions.
3. On February 10, 2025, new HSR rules and merger notification forms came into effect. The new rules and forms were unanimously approved by all five FTC Commissioners, with a concurrence from the DOJ, on October 10, 2024. See our prior client alert on this topic.
4. See supra note 3.
5. The FTC has not yet released September 2025 preliminary HSR Transactions data.
6. Current reporting suggests that, in some cases, the Agencies are granting early termination shortly before, or on the day of, the end of the 30-day waiting period (see Flavia Fortes and Wesley Brown, Early terminations of US merger period being granted at the last minute, MLEX (Sep. 24, 2025)).