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.

With special guest:
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

Over the last few decades, prior approval requirements were considered an extraordinary remedy in merger settlements, yet their use has fluctuated in agency enforcement across recent administrations. Where do the FTC and DOJ stand in their current practice? Bilal Sayyed, a Counsel at the Cadwalader law firm, and antitrust professor and former FTC policy leader, speaks with Anora Wang and Jeny Maier about the role of prior approval provisions in modern merger enforcement and what their recent rise—and retreat—signals about agency policy. Listen to this episode to learn how prior approval differs from traditional HSR review, when agencies have relied on such provisions, and what the evolving approach means for merging parties and future dealmaking.

With special guest:
Bilal Sayyed, Counsel, Cadwalader, Wickersham & Taft

Related Links:
2021 FTC Statement on Use of Prior Approval Provisions in Merger Orders

Bilal Sayyed, U.S. Antitrust Agency Merger Roundup & Commentary: FTC Reverses Routine Use of Prior Approval Requirements in Merger Settlements, Trump Antitrust Leadership Continues Departure from Antitrust Merger Policies of Previous Administration (July 15, 2025)

Hosted by:
Anora Wang, Arnold & Porter and Jeny Maier, Axinn, Veltrop & Harkrider

States have become increasingly active participants in merger enforcement, often conducting independent analyses and, at times, intervening alongside federal agencies in high-profile cases. What goes into states' analyses and decisions to intervene? Anthony Mariano, Chief of the Antitrust Division at the Massachusetts Office of the Attorney General, speaks with Lexi Michaud and Anora Wang about how states approach merger enforcement in parallel with the DOJ and FTC, the importance of independent state scrutiny, and, using the HPE–Juniper transaction to guide the discussion, how the Tunney Act promotes transparency and public interest oversight of federal settlements.

With special guest:
Anthony Mariano, Antitrust Division Chief, Massachusetts Office of the Attorney General

Hosted by:
Lexi Michaud, Fried Frank and Anora Wang, Arnold & Porter