The Department of Justice has requested more information from First Data and Fiserv ahead of the pending merger of the two payment giants.
Filings by Fiserv with the Securities and Exchange Commission (SEC) Monday, April 8, revealed that on April 4, the two firms each received a request for “additional information and documentary materials” in what is known as a second request from the Department of Justice.
The request for the unspecified information was made as part of the ongoing review of the merger between the two companies, which had been announced in January.
The effect of the second request, said the SEC filing, is to extend the waiting period that exists under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The companies stated they still expect to complete the merger in the second half of 2019. That timeframe had been disclosed upon the announcement of the merger.
As disclosed by materials provided by the Federal Trade Commission in the “Model Request for Additional Information and Documentary Material (Second Request),” the second request extends the waiting period for “a specified period, usually 30 days (10 days in the case of a cash tender offer or a bankruptcy sale), after all parties have complied with the request.”
As reported in this space upon the merger’s announcement, the US$22 billion all-stock deal means that Fiserv will buy First Data and the consolidated entity will be known as Fiserv.
Materials published by the companies earli
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