Merger Watch: Safeco Corporation - Liberty Mutual Group

Aug.22.08 | About: Scudder New (SAF)

The Washington OIC deemed Safeco Corporation (SAF) - Liberty Mutual Group's Form A complete on August 5, 2008. This event triggered a statutory 60-day hearing/decision deadline which is currently October 3, 2008. As is the case in most other Form A reviews, the current deadline is subject to extensions in 30-day increments.

The OIC will definitely hold a hearing for this case. Once a hearing date has been established, it will be posted to this OIC website.

In general, the application completion occurred rapidly for this particular Form A and this should translate into an OIC approval in the early part of this fall, rather than in the latter part which was a distinct possibility in this case. However, as this is clearly a very high profile merger in Washington, there remains a fairly strong possibility that the OIC will delay its decision beyond the current deadline into late-October, or perhaps early-November of this year.

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