A flowchart setting out the merger review process for transactions reportable under the Hart-Scott-Rodino (HSR) Act to the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ). This flowchart describes the HSR review process both for non-negotiated transactions under HSR Rule 801.30 and for negotiated transactions, including the timing of issuance of any Request for Additional Information and Documentary Material, known as a Second Request. This flowchart does not describe the shortened HSR review time period for cash tender offers or bankruptcies, but the process is similar.