In February 2025, new rules for the pre-merger notification requirements in the U.S. came into effect. But will a February 2026 court decision undo these changes? Daniel Rosenthal, partner at Kirkland & Ellis, joins Jaclyn Phillips and Lexi Michaud to discuss a decision vacating the new rules, the subsequent appeal, and what might happen next. Listen to this episode to learn more about how to navigate merger filings in an uncertain time.

(Since this episode was recorded, the Fifth Circuit denied the FTC’s motion to stay the decision vacating the new HSR Rules.  On March 19, 2026, the Premerger Office announced that the Commission is now accepting HSR filings using the Form and Instructions that were in place before the February 10, 2025, effective date of the new rule.  As always, continue to follow the case and consult a lawyer for any legal advice.)

Daniel Rosenthal, Partner, Kirkland & Ellis

Related Links:

OCA #297 – HSR You Kidding Me? Unpacking the New Requirements for Merging Parties in the U.S.

Hosted by:

Jaclyn Phillips, Proskauer Rose and Lexi Michaud, Fried Frank