Know what to disclose and disclose it
Lebohang highlights that in January 2025, the U.S. Department of Justice (DOJ) filed a complaint against KKR & Co. Inc. (KKR), alleging repeated violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). The HSR Act requires parties to certain high-value transactions to submit pre-merger filings to the DOJ and the Federal Trade Commission.
Lebohang notes that this case underscores a key principle, parties involved in mergers must understand what documentation is legally required to be disclosed to the authorities assessing the transaction. This principle applies equally under South African competition law, where parties must notify the Competition Commission of qualifying mergers.
Lebohang warns that in South Africa, failure to provide accurate and complete information can carry serious consequences. The Commission is empowered to revoke a merger approval if it was based on incorrect or misleading information provided by one of the parties. In such cases, the merger may ultimately be unwound, resulting in significant legal and commercial repercussions.
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