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Email Investors considering engaging with management should take note of a recent informal interpretation received from the FTC’s Premerger Notification Office (PNO) advising that certain seemingly “passive” behavior is inconsistent with the “investment-only” exemption freeing acquirers of voting securities from the reporting and notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act). https://www.cadwalader.com/resources/clients-friends-memos/further-guidance-on-the-hsr-act-investment-only-exemption-for-seemingly-passive-investors-engaging-with-management