8-KOther EventsExhibits & Filings

Fidelity National Information Services, Inc. 8-K Report, Corporate Update (Jun 22, 2009)

Filed June 22, 2009For Securities:FIS

Summary

Fidelity National Information Services (FIS) and Metavante Technologies, Inc. have both received a "Second Request" for additional information from the U.S. Department of Justice regarding their proposed merger. This antitrust review, conducted under the Hart-Scott-Rodino Act, is a standard procedural step following an initial filing. While it indicates a more in-depth examination of the transaction's competitive impact, it does not inherently signal an insurmountable obstacle to the deal's approval. Investors should monitor developments related to this antitrust review, as the outcome and timeline will be critical factors in the successful completion of the merger. The press release, incorporated by reference, confirms that both companies are cooperating with the DOJ's request. Further information regarding the merger's progression will be closely watched.

Key Highlights

  • 1FIS and Metavante Technologies received a "Second Request" from the U.S. Department of Justice (DOJ) concerning their proposed merger.
  • 2The request is part of an antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
  • 3This "Second Request" signifies a more comprehensive review by the DOJ into the competitive aspects of the merger.
  • 4The merger was originally announced on April 1, 2009.
  • 5Both FIS and Metavante are cooperating with the DOJ's request for additional information.
  • 6This filing confirms the ongoing regulatory process for the merger and does not indicate a definitive outcome.

Frequently Asked Questions

A "Second Request" is a formal demand for detailed information and documents issued by the DOJ (or the FTC) during their review of a merger or acquisition under antitrust laws. It signifies that the initial waiting period has expired and the agency requires a more in-depth investigation into the potential competitive effects of the transaction.

Not necessarily. A "Second Request" indicates a more thorough review and can extend the timeline for regulatory approval, but it is a common part of the antitrust process for significant transactions. The companies can often address the DOJ's concerns through divestitures or other remedies to secure approval.

The Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires companies to notify the DOJ and FTC of mergers or acquisitions that meet certain size thresholds before they close. This premerger notification allows the agencies to review the transaction for potential antitrust violations.

The timeline for resolving a "Second Request" can vary significantly, often taking several months or longer, depending on the complexity of the issues and the cooperation between the parties and the DOJ. Investors should monitor future filings and company announcements for updates on the regulatory review process and potential closing dates.