Meaning
Tactical procedural maneuvers in antitrust filings allow acquiring companies to voluntarily withdraw a merger notification and resubmit it immediately to restart statutory review clocks without paying extra filing fees. Executing a pull and refile grants merging parties an additional thirty calendar days to provide voluntary documentation and address regulatory staff concerns before an agency issues a second request. Transaction counsel utilizes this strategy in Hart-Scott-Rodino notifications in the United States to avoid costly second requests.
The mechanism can only be utilized once per transaction under regulatory rules.
Procedural Timing
Withdrawing the initial filing requires submitting formal written notification to federal antitrust authorities. The refiling occurs within two business days of withdrawal to maintain regulatory fee exemption benefits under statutory rules. Utilizing a pull and refile resets the initial waiting period, giving regulatory staff time to analyze supplemental competitive information.
Transaction parties prepare economic white papers during the restarted review period to persuade staff that the transaction does not threaten market competition.
Strategy Alignment
Transaction agreements specify whether buyers hold sole discretion to execute procedural restarts during antitrust reviews. Sellers seek strict timelines to prevent buyers from using a pull and refile strategy as a delay tactic.
Statutory Boundary
Regulatory rules permit only one pull and refile procedure without requiring a new filing fee payment. Subsequent notifications require new filing fees and fresh statutory review cycles.
