What’s New?

FTC Announces Annual Update of Size of Transaction Thresholds for Premerger Notification Filings and Interlocking Directorates

For 2021, the size-of-transaction threshold for reporting proposed mergers and acquisitions under Section 7A of the Clayton Act will adjust from $94 million to $92 million. Also, the 2021 thresholds under Section 8 of the Act that trigger prohibitions on certain interlocking memberships on corporate boards of directors are $37,382,000 for Section 8(a)(l ) and $3,738,200 for Section 8(a)(2)(A).

The FTC revises the thresholds annually, based on the change in gross national product. The revised thresholds under Section 7A of the Clayton Act will apply to all transactions that close on or after the effective date of the notice, which is 30 days after its publication in the Federal Register. The thresholds under Section 8 of the Clayton Act became effective upon publication in the Federal Register. A complete listing of current thresholds can be found on the FTC’s website.

The votes to approve the Federal Register notices announcing the threshold revisions were both 5-0. Acting Chairwoman Rebecca Kelly Slaughter issued a concurring statement, joined by Commissioner Rohit Chopra.

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