The Federal Trade Commission (FTC) and Department of Justice (DOJ) have proposed changes to the Hart-Scott-Rodino (HSR) Act that may radically alter the merger review process in the United States. In June, the FTC unveiled a proposal that will require parties to provide significantly more information and data in premerger filings, specifically:

Transaction Rationale: Parties would be required to identify and explain each strategic rationale for the transaction that was discussed or contemplated by the filing person or its employees and identify each document produced in the filing that confirms/discusses each rationale.