Practice question
A compulsorily notifiable acquisition is properly notified. While its applicable statutory waiting period is still running, the parties complete the transfer of control, with no clearance or other legal basis permitting early consummation. They argue that submitting the form alone ended the standstill. Which analysis is best?
- Notification alone does not eliminate the applicable waiting requirement; the stipulated early consummation is not justified by filing alone.
- Filing necessarily authorizes immediate closing in every case.
- A private closing date overrides the statute.
- The waiting rule applies only if a competitor objects.
- A notifiable transaction can never be reviewed after documents are filed.
Legal references
- PCC Memorandum Circular No. 26-001, effective 1 March 2026, https://www.phcc.gov.ph/file-manager/file-manager/MAO/Memorandum%20Circular_Merger%20Notification%20Thresholds.pdf
- Philippine Competition Act, RA 10667, sections 16–19, https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/63120
Answer this question in flashcards to review your response and continue practicing.