Just for the sake of completeness, here -- Brazil, where Dart has substantial operations (and I believe Solo does, as well) completely revamped its antitrust regulatory scheme, as to mergers, effective as of December 2011. Under the new law, a pre-merger review submission must be filed with the Brazilian antitrust authorities prior to the closing of the transaction (instead of post-closing, as was the case under the old law).The new Brazilian law has also altered the local revenue threshold, by determining that transactions will have to be filed for approval whenever either of the parties involved has gross revenues in Brazil of at least $110 million (or 400 million Brazilian Reals) in the most recent previous financial year and the other has generated local revenue (in the same period) of at least $16.5 million (or 30 million Brazilian Reals). It would seem that Dart/Solo would cross those thresholds. The Brazilian law requring that pre-merger notification be submitted to the Brazilian CADE authorities within 15 business days of execution of the binding contract still applies. Thus, in the Dart/Solo deal, the filing was required within 15 days after March 21, 2012 -- or by Apirl 5, 2012 -- last Thursday.
Finally, the new law reduces the drop-dead date for merger review by the Brazilian Competition/Antitrust authority. All merger notification filings must be reviewed by the authorities within 240 days. Again, the payment of those super-bonuses (on a fully-closed change-of-control deal, before June 1, 2012) is starting to look more than a little dubious. Do stay tuned. [That's an eye painted as a flag of Brazil, inside the Dart wordmark, above right.]
No comments:
Post a Comment