ST. PAUL, Minn., June 2 -- Deluxe Corporation announced today that it has voluntarily withdrawn its Hart-Scott-Rodino notification for the pending acquisition of New England Business Service, Inc. (NEBS) and will re-file on Friday, June 4, 2004. Deluxe has taken this action in order to allow the Federal Trade Commission (FTC) more time to complete its review of the filing.
The Hart-Scott-Rodino statute typically affords the U.S. antitrust enforcement agencies 30 calendar days to review an acquisition. However, when the first step of a transaction is a cash tender offer, that review period is shortened to 15 calendar days. Withdrawing and then re-filing the application provides the FTC with a more customary review period.
Deluxe's filing on Friday will re-start the 15-calendar-day review period, which will now expire on Monday, June 21, 2004, at 11:59 p.m. EDT unless the FTC requests additional information from Deluxe. The expiration of the tender offer for NEBS shares is currently scheduled to occur at 11:59 p.m. EDT on Wednesday, June 23, 2004.
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