For proposed merger or acquisition transactions that are over a certain size, our agency and the Department of Justice receive notification before the deal closes.  If necessary, either agency can take legal action to block a transaction that would substantially lessen competition.  The parties must wait 30 days (15 days in the case of a cash tender or bankruptcy transaction) after filing a notification to allow the agencies to investigate.  If the parties request an early termination of that waiting period, the agencies may allow them to close sooner if they determine there are no competitive issues.