2406002 Informal Interpretation

Sheinberg, Samuel I.
From: 	HSR Help
Sent: 	Tuesday, June 4, 2024 11:40 AM
To: 	Walsh, Kat h ry n E.; Be r g, Kare n E.; Musick, Vesselin a; Shaffer, Kr is t in; Sheinber g, Samuel I.; Six, An ne;
Fetterman, Michel le; Burton, Jun e; Larson, Pete r
Subject: 	FW: Question about valuation of non- U.S. te nder offer
From: Whitehead, Nora <nwhitehead@ftc.gov>
Sent: Tuesda , June 4, 2024 11:39:57 AM UTC-05:00) Eastern Time ( US & Canada)
To:
Cc: 	e p < 	e p 	c.gov>
Subject: RE: Questi on about valuation of non-U.S. tender offe r
An acquisition pr i ce in foreign currency does not automatically render the transaction value undetermined. See
https ://www.ftc.gov/ enforcem e nt/prem e rge r-n ot ification-progra m/h sr-resou rces/converting-foreign-cu rren cy-hsr
p urposes.
From: HSRHelp <HSRHe lp@ftc.gov>
Sent: Tuesday, June 4, 2024 8:32 AM
To: Walsh, Kathryn E. <kwalsh@ftc.gov>; Berg, Karen E.<K BERG @ftc.gov>; Musick, Vesse li na <vmusick@ftc.gov>;
Shaffer, Kr istin <kshaffer@ftc.gov>; She inberg, Samuel I. <SS HEINBERG @ftc.gov>; Six, An ne <asix@ftc.gov>; W hitehead,
Nora <nwhitehead@ftc.gov>; Fetterman, M ichelle <mfetterman@ftc.gov>; Burton, June <jburto n@ftc.gov>; Larson,
Peter <plarson@ftc.gov>
Subject: FW: Question about valuation of non-U.S. tender offer
From:
Sent: 	ues ay, une 	, 	C-05:00) Ea stern Time ( US & Canada)
To: HSRHe lp < HSRHelp@ftc.gov>
Subject: Question about valuation of non-U.S. tender offer
We ha ve a question about valuation in the conte xt of a cash tender offer for a non-U.S. public compan y.
The tender offer will be a ll cash, but the currency is not US do llars. Based on pr ior guidance from the PNO, we believe
the transaction value is accordingly undetermined. E.g. , 0409007. The transaction value should therefore be based on
the lowest closing price in the 45 days prior to filing, converted to U.S. dollars using the exchange rate for that day. E.g. ,
FTC Website. In other words, we woul d look back 45 days, conv ert the cl os i ng price (w hi ch w ill be not be in U.S. do llar s)
i nto U.S. do llars us i ng the exchange rate for the da y in question, and then use the lowest resulting dollar close over the
45 da ys pr ior to fi ling to determ ine the transaction value and therefore the filing fee.
Please l et us know if th is is the correct approach for valuation or, if not, what approach we should u se.
Thank yo u.
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