Tips for Successful Second Request Production

In a proposed M&A transaction, the reviewing government agency may request additional information, in a so-called “Second Request.”  Second Requests are typically broad, and compliance can be expensive and time-consuming, but there are strategies that can make them less burdensome, speed up the process, and increase the chances of eventual approval. It may be possible, for example, to work with regulators and agree on a plan to both narrow the focus of the inquiry and to “strategically stage” the data production, the authors write, in ways that makes it easier for both sides.