Hart-Scott-Rodino Antitrust Procedure Amendments Act: Hearing Before the Subcommittee on Monopolies and Commercial Law of the Committee on the Judiciary, House of Representatives, One Hundredth Congress, First Session, on H.R. 586 ... March 26, 1987U.S. Government Printing Office, 1989 - 148 pages |
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ABRAMS acquiring person acquisition action additional waiting period Administration Akron amend analysis antitrust agencies antitrust enforcement antitrust laws assets Associated Dry Attorneys bill Business Roundtable cash tender offers Chairman RODINO Clayton Act Committee companies confidentiality CONGRESS LIBRARY CONGRESS THE LIBRARY Congressman CONSTANTINE court Department of Justice disclosure discretion Economic Impact Statement effect efficiency enacted enforcement agencies federal agencies Federal Trade Commission FEIGHAN filings GenCorp Getty Oil GLICKMAN going Goodyear hostile takeover important industry initial waiting period issue James Goldsmith Jorde Justice Department legislation LIBRARY LIBRARY LIBRARY OF CONGRES LIBRARY OF CONGRESS market definition market power ment merger enforcement mergers and acquisitions merging parties million NAAG Guidelines partnership loophole Pennsylvania period for cash plant closings premerger notification problem question relevant reporting require responsibility result second requests Section 7A share STAGGERS steel Subcommittee substantial testimony Thank tion transactions Williams Act ZIMMERMAN
Popular passages
Page 123 - ... days (or in the case of a cash tender offer, 10 days) after the date on which the Federal Trade Commission or the Assistant Attorney General, as the case may be, receives from any person to whom a request is made under paragraph (1), or in the case of tender offers, the acquiring person, (A) all the information and documentary material required to be submitted...
Page 138 - That the Commission shall not have any authority to make public any trade secret or any commercial or financial information which is obtained from any person and which is privileged or confidential, except that the Commission may disclose such information to officers and employees of appropriate Federal law enforcement agencies...
Page 123 - ... or (ii) if such notification is not completed, the notification to the extent completed and a statement of the reasons for such noncompliance, from both persons, or, in the case of a tender offer, the acquiring person; and (B) end on the thirtieth day after the date of such receipt (or in the case of a cash tender offer, the fifteenth day), or on such later date as may be set under subsection (e)(2) or (g)(2) of this section.
Page 88 - ... state-of-the-art manufacturing techniques. Billions of dollars spent on shuffling ownership shares are, at the same time, billions of dollars not spent on productivity-enhancing plant, equipment, and research and development. The millions of dollars absorbed in legal fees and investment banking commissions are, at the same time, millions of dollars not plowed directly Into the nation1 s industrial base.
Page 99 - the only Integrated green-field blast furnace-oxygen converter rolling mill complex built during the 1960s and 1970s to provide a US counterpart to the modern steel-making capacity growing by leaps and bounds abroad.
Page 138 - Code, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding.
Page 95 - Scherer concludes that the evidence suggests, with some qualification, that large mergers "seldom yield significant efficiencies."' Professor Mueller's conclusion is even stronger. In his words, the empirical literature he reviewed: "draws a surprisingly consistent picture. Whatever the stated or unstated goals of managers are, the mergers they have consummated have on average not generated extra profits for the acquiring firms, have not resulted in increased economic efficiency...
Page 92 - ... and jettisoning the res t -- and significantly boosting their economic performance. Big Oil, too, has struggled to divest a plethora of disastrous acquisitions. Influential business publications have repeatedly called attention to the malaise of America's Bigness Complex. In recent cover stories, Business Week has argued that "small is beautiful"; in response to the question "do mergers really work?
Page 92 - ... a business circle. Left out are the firms with narrow product lines; as patterns of trade and trading partners emerge between particular groups of companies, entry by newcomers becomes more difficult.
Page 124 - The size of the transaction test set forth in (3) must be read in conjunction with 16 CFR § 802.20 (1994). This Section exempts asset acquisitions valued at $15 million or less. It also exempts voting securities acquisitions of $15 million or less unless, if as a result of the acquisition, the acquiring person would hold 50 percent or more of the voting securities of an issuer that has annual net sales or total assets of $25 million or more. The HSR rules are necessarily technical, contain other...