The M&A Glossary
Defines the essential vocabulary for institutional risk arbitrage and cross-border regulatory practice.
HSR Second Request
A request for additional information issued by the DOJ or FTC when they have significant competitive concerns about a merger.
FSR Phase II
The in-depth investigation stage of the EU Foreign Subsidies Regulation review process.
Schedule 13D
A disclosure form that must be filed with the SEC when an entity acquires 5% or more of a company's stock.
PUSU (Put Up or Shut Up)
A UK Takeover Panel requirement that a bidder must either announce a firm intention to make an offer or walk away for six months.
MAE (Material Adverse Effect)
A clause in a merger agreement that allows a bidder to terminate a deal if the target suffers a major downturn.
Deal Spread
The difference between the current market price of a target company's stock and the acquisition price.
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