FTC Requests for More Information From AbbVie-Allergan Tie-Up
27 September 2019 - 11:38PM
Dow Jones News
By Kimberly Chin
The Federal Trade Commission is requesting more information on
the proposed $63 billion acquisition of Allergan PLC (AGN) by
AbbVie Inc. (ABBV), extending the wait time for the transaction to
go through.
The companies said the FTC's second request falls under the
Hart-Scott-Rodino Antitrust Improvements Act, which requires that
companies engaging in large mergers and acquisitions file their
intent to merge with regulators before a transaction can proceed.
The wait time is usually 30 days but regulators can voluntarily
extend that period or terminate it sooner.
The transaction can proceed once the waiting period ends.
Regulators often request additional information from companies
when they believe there could be a potential anticompetitive issue
with the proposed deal.
Both AbbVie and Allergan said they're fully cooperating with the
FTC, the companies said in separate releases. The transaction,
which was announced on June 25, is expected to close in early
2020.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
September 27, 2019 17:23 ET (21:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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