DOJ Antitrust Division Revives 'Quick Look' Expedited Merger Review

The U.S. Department of Justice's Antitrust Division has formally revived a fast-track option for companies facing grueling merger investigations, offering a potential off-ramp from one of the most expensive discovery processes in corporate law. In late July 2026, the DOJ released an updated Model Timing Agreement that standardizes an "Expedited Consideration" track—often referred to as a "quick look." This framework allows merging parties to submit a targeted, priority production of documents aimed at resolving specific competitive concerns, rather than immediately complying with a massive, full-scale demand for data. By formalizing the process, the DOJ aims to conserve taxpayer resources while allowing for quicker, more efficient reviews of proposed transactions that do not threaten market competition.[1][4]

The stakes for corporate dealmakers are immense. Under the Hart-Scott-Rodino Act, when the DOJ or the Federal Trade Commission identifies potential antitrust issues in a proposed merger, the reviewing agency issues a "Second Request." While fewer than five percent of HSR filings trigger this step, a Second Request transforms a routine regulatory filing into a sprawling, adversarial investigation. Compliance routinely requires companies to collect, review, and produce millions of internal documents, emails, and financial records. The process can delay a transaction for up to a year and cost millions of dollars in legal and vendor fees, adding massive uncertainty to any major acquisition.[1][4]

Historically, the DOJ and FTC have occasionally allowed merging parties to negotiate informal "quick look" arrangements to resolve a Second Request based on a narrow subset of information. However, these ad-hoc agreements lacked standard procedures, fixed deadlines, or guarantees of a timely response from agency leadership. The 2026 Model Timing Agreement changes that dynamic by transforming the informal practice into a formal, elective option with strict, binding deadlines for the government. Parties electing to enter into these timing agreements now have a defined right to invoke the expedited track, with fixed submission and response deadlines built directly into the model framework.[1][4]

Under the new Expedited Consideration track, merging parties agree with the DOJ on a specific methodology, custodian list, and deadline for a "Priority Production" focused on potentially determinative issues. These productions are expected to focus on the specific overlaps or theories of harm that the DOJ considers most critical to its competitive analysis. Once the companies formally certify that this priority production is complete, the DOJ is placed on a strict clock. The agency must offer the merging parties a meeting with DOJ Front Office leadership within 21 days of the certification.[1][4]

Following that leadership meeting, the DOJ has exactly 14 days to issue a formal decision. The agency can choose to close the investigation entirely, narrow the scope of the remaining Second Request, or proceed with the full, unmodified investigation. This caps the entire sequence—from the completion of the priority production to a definitive answer from the government—at 35 days. For companies that successfully clear the review at this stage, the expedited track provides unprecedented timing certainty and the opportunity to close their transactions months earlier than a traditional review would allow.[1][2]

Despite the appeal of a 35-day resolution, antitrust attorneys warn that the expedited track requires significant strategic trade-offs. To utilize the fast track, merging parties must agree to delay their substantial compliance with the broader Second Request. In a traditional review, achieving substantial compliance immediately starts a statutory clock, forcing the DOJ to either sue to block the merger or allow the waiting period to expire. Merging parties often rely on this statutory clock to force the agency's hand and maintain leverage during negotiations.[2][3]

By opting for the quick look, companies voluntarily pause that statutory clock. If the DOJ reviews the priority production and decides to proceed with a full investigation anyway, the merging parties will have lost valuable weeks or months, potentially jeopardizing the outside closing date of their merger agreement. The DOJ retains absolute discretion to demand full compliance if the targeted documents do not fully alleviate its competitive concerns. Consequently, legal advisors caution that the expedited track may not be appropriate for every transaction, particularly those involving complex or novel antitrust theories.[2][3]

Furthermore, the new formalized track currently applies only to transactions reviewed by the DOJ. The FTC, which shares antitrust enforcement authority and reviews a significant portion of major mergers, has not adopted a parallel model timing agreement. While the FTC has experimented with streamlined approaches in recent investigations, the lack of a formal FTC fast track means that merging companies must continue to tailor their regulatory strategies based on which agency ultimately claims jurisdiction over their deal. Until the FTC formally aligns its procedures, the bifurcated landscape will require careful navigation by corporate boards.[2][4]