FTC Extends Review
Cerevel Therapeutics (NASDAQ:CERE) has announced that both Cerevel and AbbVie (NYSE:ABBV) have received Second Requests from the FTC for additional information regarding their planned $8.7B merger.
Impact on Closing
The Second Request will extend the Hart-Scott-Rodino Act waiting period for the closing to 30 days after the companies have substantially complied with the request, unless the companies choose to extend or the period is terminated earlier by the FTC.
Expectations and Shareholder Approval
Despite the Second Request, Cerevel still expects the deal to close in mid-2024. The company also confirmed that Cerevel shareholders approved the merger in a special meeting held on Feb. 16, according to an SEC filing.
Merger Background
In early December, AbbVie announced plans to acquire Cerevel for $45 per share, or roughly $8.7B, in cash.