Oops! I forgot to mention that, given both companies' substantial operations inside Canada, it seems each will need clearance from the Canadian Competition Bureau -- which, as of 2009, revamped its processes on merger review to more closely track the US-style twin track system. [The Canadian antitrust/competition authorities didn't release a new Premerger Notification Guidelines document until January 2012, though.]The as reveised Canadian Pre-Merger Guidelines clarify situations (usually during "second request" scenarios) in which parties will be required to provide refreshed versions of previously submitted information. The Guidelines contemplate the submission/production of rolling information in accordance with the Bureau's previously-articulated priorities. However, as a practical matter, Solo and Dart must reply to the Bureau's requests for information, and must respond to any "second request" within 90 days, or each will have to update or "refresh" its overall Canadian filing, with new quarterly financial data. That would be daunting.
Of additional concern to Dart and Solo will be the notion that, post the 2009 changes to the Canadian guidelines, the previous commitment by the Bureau to communicate its preliminary views on potential competition issues "as soon as possible" within the initial 30 day time period -- and to indicate "as soon as possible" within the 30 day period whether a second request will be issued -- is now gone. Thus, post 2009, there is no explicit promise of Dart or Solo learning -- on an expedited basis -- whether a second request will be made, in Canada.
So -- add the United Kingdom, Mexico and Canada as jurisdictions (beyond the United States) which will likely weigh in on the Dart/Solo deal, from an antitrust point of view. I am unsure whether Brazil has a formal policy of pre-merger review, under these circumstances, but the companies do have substantial operations there, as well. Do stay tuned.
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