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Screenshot of a breaking news alert e-mail from Q2 2017
Tullett Prebon Plc (LON:TLPR) has earlier today issued an update about the proposed acquisition of the global hybrid voice broking and information business of ICAP plc (LON:IAP).
Tullett Prebon said it received a request for additional information and documentary material from the United States Department of Justice (DOJ) in connection with the transaction. This form of request from the DOJ, often referred to as a “Second Request”, is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The DOJ’s review focuses on the proposed post completion shareholding and governance arrangements between Tullett Prebon and ICAP Newco.
The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Tullett Prebon and ICAP have substantially complied with the Second Request, unless that period is extended voluntarily by the companies or terminated earlier.
Tullett Prebon said it planned to respond to the request from the DOJ as quickly as practicable and to keep the cooperation with the DOJ in connection with its review of the deal.
Completion of the transaction is also subject to the approval of Tullett Prebon and ICAP shareholders. It also requires clearance from the Competition and Markets Authority (CMA), expiration or termination of all applicable waiting periods under the HSR Act, clearance from certain other antitrust authorities, as well as approval by various regulatory bodies including the FCA.
Tullett Prebon still expects that the Transaction will close in 2016.
You can view the official announcement from Tullett Prebon by clicking here.