Overview
- The appeals court's denial on Thursday made the district court’s vacatur effective and restored the pre‑February 2025 Hart‑Scott‑Rodino premerger form.
- The FTC says it will accept voluntary filings on the vacated 2025 form, and reportability thresholds and filing fees remain unchanged.
- The reversal lifts added demands such as narrative deal rationales, broad customer and supplier lists, and English translations of foreign‑language documents.
- FTC and DOJ staff can still seek similar information through voluntary access letters or Second Requests, so complex deals should expect post‑filing inquiries.
- A Texas judge on February 12 found the 2025 rule exceeded the FTC’s authority and was arbitrary and capricious, and the Fifth Circuit appeal on the merits now proceeds.