Draft Merger Notification Filing

---
name: draft-hsr-merger-notification
task_id: corporate-ma/draft-merger-notification-filing
description: Guides drafting of an HSR premerger notification package where multi-jurisdictional analysis, document-log obligations, and internal filing-issues identification must all be completed from deal documents.
activates_for: [planner, solver, checker]
---

# Skill: HSR Premerger Notification Filing

## 1. Subject-matter triage

- Identify the filing parties, the acquirer, the target, any seller rollover, and any post-closing control holders from the deal documents before drafting.
- Determine whether the package is a single-HSR filing exercise or also implicates foreign merger-control review; if multiple regimes may apply, treat each as a separate analysis track.
- Pull every source document that may bear on transaction value, ownership, control, revenues, assets, and competitive analysis, including drafts, board materials, investment committee materials, presentations, and term sheets.
- If any core fact appears inconsistent across documents, do not average it; identify the variance and trace which document is being used for the filing position.

## 2. Failure modes the skill is correcting

- Transaction-size and person-size analysis is stated as a conclusion without reconciling the figures actually shown in the source set.
- Filing-fee selection is treated as mechanical even when the underlying deal value varies across drafts or ancillary documents.
- Foreign filing analysis is omitted, lumped into a generic caution, or not tied to the relevant thresholds and footprints.
- The 4(c)/4(d) log misses materials prepared by or for decisionmakers that discuss competition, market position, competitors, customer overlap, market definition, or merger effects.
- Competitive rhetoric in presentations and memoranda is not flagged even when it may become agency-facing.
- Rollover equity is ignored as a separate acquisition question rather than analyzed under the applicable control rules.
- The issues memo describes problems but does not close them with the concrete filing consequence and the recommended next step.

## 3. Legal frameworks / domain conventions that apply

- HSR Act premerger notification turns on the size-of-transaction and size-of-person tests under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, 15 U.S.C. § 18a, and the implementing rules in 16 C.F.R. Parts 801–803.
- Filing-fee selection follows the transaction-value tiers in the HSR rules and must track the value used for the notification analysis.
- Control, acquisition, and beneficial ownership concepts for HSR purposes are defined by the FTC rules; apply the rule governing control, not a colloquial notion of majority ownership.
- 4(c) and 4(d) materials are the competitive-analysis documents required by the HSR rules; the operative test is whether the document was prepared by or for a specified person and analyzes markets, competitors, competition, or competitive effects.
- Rollover equity may create a separate reportable acquisition if it changes control or constitutes a distinct acquisition of voting securities or non-corporate interests under the HSR rules.
- Foreign merger-control obligations depend on the applicable jurisdiction-specific turnover, asset, revenue, or transaction-value thresholds; analyze each jurisdiction using its own statute or regulation rather than importing the HSR threshold structure.
- When the source documents themselves cite a rule, statute, or agency practice, preserve that citation in the draft rather than replacing it with a generic reference.

## 4. Analytical scaffolds

- Start by enumerating the filing-relevant actors and transaction steps, then analyze each step against the HSR control and acquisition rules.
- Apply the size-of-transaction test using the acquisition agreement or other controlling transaction-value source; if different documents use different values, note the discrepancy and identify the filing figure being used.
- Apply the size-of-person test to the acquiring person and acquired person using the financial information in the record; reconcile revenue, asset, and ownership figures to the extent the documents permit.
- Select the filing-fee tier by matching the filing-value analysis to the applicable fee schedule; if there is a mismatch between valuation sources, flag it as a filing issue.
- For foreign filing analysis, enumerate each potentially relevant jurisdiction and run the threshold analysis separately for each one; state whether a filing appears triggered, not triggered, or indeterminate on the present record.
- Review every board deck, management presentation, investment memo, strategic plan, and deal-team analysis for competitive content; log each responsive document with date, author, audience or preparer if available, and a concise description of the competitive discussion.
- Flag language that is likely to draw agency attention, including market-share boasts, dominance language, competitor comparisons, pricing power claims, customer-capture assumptions, and statements about excluding rivals.
- Analyze rollover equity for independent reportability by identifying who receives the equity, what interest is acquired, and whether the post-closing structure changes control or creates a separate acquisition event.
- In the internal issues memo, close each issue by stating the governing rule, the affected fact pattern, the filing consequence, and the recommended action.

## 5. Vertical / structural / temporal relationships

- Treat pre-signing, signing, filing, waiting-period, and closing milestones as distinct in the narrative; do not blur intended timing with consummation timing.
- If the transaction has multiple steps, analyze the sequence in order and identify which step drives the filing obligation.
- If multiple parties or entities are involved, distinguish the acquiring person from the acquired person and from any passive rollover holders.
- If the source set includes multiple date versions of the same document, prefer the latest operative version but note material changes that affect filing positions.

## 6. Output structure conventions

- Produce three separate deliverables: an HSR filing narrative, a 4(c)/4(d) document log, and an internal filing-issues memo.
- HSR filing narrative: write in the first person plural on behalf of the acquiring person, using plain, agency-ready prose that states the transaction, the parties, the size analyses, fee tier, and any foreign filing observations supported by the record.
- 4(c)/4(d) document log: list each responsive document on its own row or entry with document name, date, preparer or source if available, a short description of the competitive content, and a flag indicating potentially problematic language.
- Issues memo: define a simple ordinal severity scale once at the top and apply it consistently to each issue entry; for each issue, state severity, issue, analysis, filing consequence, and recommended action.
- When the task implicates more than one filing regime or party set, organize the deliverables so each regime or party track is clearly separated and not conflated.
- End the advisory memo with a distinct Recommended Actions section that names the responsible role and the timing anchor for each step.
- Keep the drafting factual and operational; do not include speculation, advocacy, or unsupported legal conclusions.