DOJ Issues Opinion on Post-acquisition Due Diligence Requirements
By Timothy L. Dickinson and Roberto F. Facundus
On June 13, 2008, the Department of Justice (DOJ) issued a Foreign Corrupt Practices Act (FCPA) opinion procedure release concerning the possible acquisition of a publicly traded United Kingdom corporation by Halliburton Company (Halliburton). Due to U.K. laws preventing extensive pre-acquisition due diligence and the presence of other competitive bidders, Halliburton stated to the DOJ that it did not have enough time or access to information necessary to complete full FCPA due diligence. Accordingly, Halliburton requested a DOJ opinion to minimize the possibility of prosecution should it be successful in acquiring the target company.