MFA sends letter to FTC regarding premerger notification rule

MFA submitted a comment letter to the FTC in response to the Request for Public Comment Regarding Making Improvements to the Premerger Notification and Report Form.

The letter's four recommendations are:

• Blanket 10% exemption: The Agencies should adopt a blanket 10% exemption for minority acquisitions, which would eliminate the subjectivity and uncertainty of the current investment-only exemption.
• Convertible instrument conversions: The Agencies should exempt acquisitions of equity upon conversion of convertible instruments where an acquisition of shares has been previously reported, and the
  conversion does not result in control of the issuer.
• SWF, CFIUS, and DOW information: The Agencies lack statutory authority to expand HSR filings beyond antitrust review into national security and foreign investment domains.
• Real estate exemptions: The Agencies should preserve the existing real estate exemptions, which are well-calibrated to screen out transactions unlikely to violate the antitrust laws.