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By Kimberly Chin
The Federal Trade Commission is requesting more information on the proposed $63 billion acquisition of Allergan PLC (AGN) by AbbVie Inc. (ABBV), extending the wait time for the transaction to go through.
The companies said the FTC's second request falls under the Hart-Scott-Rodino Antitrust Improvements Act, which requires that companies engaging in large mergers and acquisitions file their intent to merge with regulators before a transaction can proceed. The wait time is usually 30 days but regulators can voluntarily extend that period or terminate it sooner.
The transaction can proceed once the waiting period ends.
Regulators often request additional information from companies when they believe there could be a potential anticompetitive issue with the proposed deal.
Both AbbVie and Allergan said they're fully cooperating with the FTC, the companies said in separate releases. The transaction, which was announced on June 25, is expected to close in early 2020.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
September 27, 2019 17:23 ET (21:23 GMT)
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