DoJ’s HSR Action Against ValueAct

Highlighting uncertainties regarding ‘investment only’ exemption

PETER JONATHAN HALASZ, ELEAZER KLEIN, MICHAEL E. SWARTZ, BEVERLY J. ANG AND BRITTANY L. LANE, SCHULTE ROTH & ZABEL

Last month, the US Department of Justice (the “DOJ”) filed a complaint in federal court against two ValueAct investment funds and their shared general partner (together, “ValueAct”) for failing to comply with the notification and waiting requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”).

According to the complaint, ValueAct acquired over $2.5 billion of voting securities of two oil industry service companies,...

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