In unproblematic files, the initial review phase is a predictably short period; in transactions with overlaps, it can be prolonged by information requests. We build the timetable around the closing conditions and the long-stop date in the SPA. The concrete shape of it: the Board gives its preliminary decision as a rule within fifteen days, and a request for missing information restarts that period from the beginning — which is where most of the real delay comes from. Where a competitive concern appears, a final review opens that can run to six months. Filing complete, and filing early, is the strongest insurance the timetable has.
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