FEDERAL TRA:>t. co . . . ~M:SS!CH~ (1983)

\

FEDERAL TRA:>t. co . . . ~M:SS!CH~

v. .i..s.;:f\:G"'ON o.c

)

~:ss:

May 31, '1984

The Eonora~le George Bush

President of the Senate

Unitea States Senate

Washington, D.C. 20510

The Eonora~le Thomas P. O'Neill, Jr.

Speaker of the Bouse of Representatives

Washington, O.C. 20515

SUBJECT:

(Seventh Annua~~ to Congress Pursuant to

Section 201 of the Bart-Scott-Rodino Antitrust

Improvements Act of 1976

Gentlemer::

Section 201 of the Bart-Scott-Rodino Antitrust Improvements

Act of 1976, Pub. L. 94-435, amenaed the Clayton Act by adding a

ne~ Section 7A, 15 o.s.c. Sl8a.

Subsection (j) of this section

provides as follows:

Beginning not later than January 1, 1978, the

Federal Trade Commission, with the concurrence of

the Assistant Attorney General, shall annually

report to the Congress on the operation of this

sec-tion. Such report shall include an assessment

of the effects of this section, of the effects,

purp6se, and the need for any rules promulgated

p4rsuant thereto, and any recommendations for

r~visions of this section.

This is the seventh annual report to Congress pursuant to

this provision.

.·

ln general, Section 7A establishes a mechanism under which

persons with sales or assets greater than a specified amount who

intend to make a stock or asset acquisition of a specified size

or larger must report their intentions to the Federal Trade

Commission and the Department of Justice. Thereafter~ the

p~rties must wait a prescribed period of time, usually 30 days,

before consummating the transaction. The primary purpose of this

statutory scheme, as the legislative history makes clear, is to

provide the antitrust enforcement agencies with a meaningful

opportunity to review mergers and acquisitions of subst~ntial

size before those transactions take place. If either agency

believes that a proposed transaction may violate the antitrust

laws, Section 7A(f) allo~s the agency to seek an injunction in

federal district court to prohibit consummation of the

transaction. The ability of the antitrust agencies to make such

a determination is enhanced by the provisions of Section 7A{e),

which author~zes either of the agencies to issue a request for

adcitional information or documentary material to either or both

parties to a· reported transaction. Such a request must be issued

during the initial waiting period and, in most cases, has the

effect of extending the period until 20 days after the requesting

agency receives all the req~ested information or material.

Final rules governing i~?lernentation of the premerger

not if ica:.ion proi;:::arr: were proi::o.;lgated by the Comrr.ission, with the

concurrence of the Assistant Attorney General, on July 31,

1978. 1J At the sa~e ti-~, a corr.prehensive Statement of.Basis

anc Purpose ~as publish-.:~ ~~ich contains a section-by-sec~ion

analysis of each provisio~ of the rules and· an item-by-ite~

analysis of each item of the Premerger Notification and Report

Form. The progra~ became. effective on September 5, 1978. This

year the Co~~ission, with the concurrence of the Assistant

Atto=ney General, made several changes in the premerger

notification rules. These amendments, which became effective on

August 2S, 1983, a:::e discussed belo~.

Statistical Profile of the Premerger Notification Program

The appe_ncices to this report provide a statistical su~ary

·cf the oper~tion of the premerger notification program. Appendix

A sho~s fqr each year (or part of a year) in which the prograffi

has been ~n operation the number of transactions reported, the

1I

..._.

'3 Fed. Reg. 33450 (July 31, 1978). The rules also appear in

16 C.F.R. Parts 801 through 803. For more information

concerning the development of the rules and operating

procedures of the. premerger notification program, see the

second anc third annual reports covering the years 1S76 and

197S·, respectively.

-2-

.·

number of filings receivea, the number of trar.sactions in whicb

requests for additional information or documen:ary material

(hereinafter re.ferrea to as "second regues-:s") were i!:t-sueo, ana

t~e number of transactions in which requests for early

termination were received, granted, and deniec., Appendix B

provides a mo~th-by-month comparison of the number of filings

received ano the number of transactions reported for 1981 through

1983.

,

The statistics set out in these appeno1ces indicate that the

of transactions reported in 196l decreased l.4% from the

reported in 1562 (ll'' in 1982 ano 1126 in 1583). The

statistics also indicate a decrease for the second year in the

number of second requests iss~ed (from 'S issued in 1982 to 48

issued in 1983). Although the nurr.ber of second requests issued

as a percenta9e of reportable transactions has rer.ained roughly

cons:ant over the last two years, this rate declined sharply

between 1979 and 1981 (12.6\ in 1979, S.Oi in lSbO, 7.5% in 1981,

4.3% in 1962, anc 4.3% in 1963). As we indicated in the Sixth .

Annual Re?ort, this persistent down~ard trend may in part reflect

a beneficial deterrent effect of the premerger notification

progra~.

Because the p:ogra~ enables the enforcement agencies to

detect and challenge virtually all sizeable anticompetitive

acg~isitions before they are consummated, businesses may be

inc:easin;ly avoiding tLan~actions ·that approach the line of

ille9ality.

nu~ber

n~~ber

T~e crop in the second req~est issue rate since 1981 may

also re:lect the impact of the Justice Depart=e~~·s 1962 Merger

Guidelines ar.c the Federal Trade Commission's contemporaneous

S:ate~er.t Concerning Eorizontal Mergers.

~hese documents have

pro~idec business decision-makers with a better understanding of

the types of transactions that are likely to be challenged as

well as the factors the enforcement agencies will consider in

making their decisions. ~ith this knowledge, bwsiness oecisionrr.akers can more easily avoid transactions of questionable

lesality. In addition, because of these documents, parties

ir.volvec in transactions that appear to raise antitrust issues

have been l:;>et'ter able to identify areas of concern and have, on

several occasions, voluntarily provided infor~ation addressing

these proSler::s .· Thus, the agencies have been able to resolve

some concerns without resorting to second requests.

The statistics also show that the number of transactions

involving requests for early termination has increased

dramatically. Appendix A shows that in 1983, early termination

•as req~esteo in 643 transactions while it was requesteo in only

-3-

3'1 transactions in 1982. This represents, as a percentage of

reportable transactions, a request rate of 57t '· a substantial

inc~ease over the 1982 rate of 29.8%.

The agencies 9qanted early

termination in 599 transactions in 1983. This is a cdntinuation

of. the substantial percentage of requests the agencies have been

able to grant .(7~.8' in 1982 and 93.2\ in 1983). As noted in the

Sixth Annual Report, the increases in requests for early

termination and the high proportion of those ~equests which have

be~n granted are probably attributable to the change in ~he

agencies' standard for granting ea:ly termination that was

adopted in the formal interpretation issued by the Commission on

August 20,. 1982.

Recent

a:-:c

Develo~~ents

Relatinc to Pre~eroer Nctif ication Rules

P:ocec~res

1.

R~les

Changes

On July 2 9, 19 8 3, the C0Tr.'T'1i ss ion, ~i th the concur re nee of

the Assistant Attorney General, promulgated several changes in

the prerne:ger notification rules (ftrulesn). 1J These amendments,

~hich be=a~e effective on August 29, 1983, sho~ld improve the

progra~ i~ several ways.

First, most of the changes are

technical in nature, anc should correct inadvertent omissions,

sirr.?lify pro\•isions or :.·_ .. erwise improve the clarity,

co~p:e~e~sibility anc effe=tiveness of the rules.

Second, many of the a~encrr.ents should rec~ce the repo:ting

of the premerger notification progra~. For exa~ple, some

provisions elirr.inate confusicr. that has ariser. unoer the current

rules. Other provisions ex?ana the extent to which parties may

inco:po:ate by reference information in a previous filing, 1J

raise the size-of-transaction exemption for certain

b~rden

I I

1J 45 Fee. Reg.

11

34,27 (July 29, 1983) ,·Exhibit A.

Nei,.: Subsection 803. 2 {e) allows persons to incorporate by

reference in a filing current SEC documents and annual

re~ozts subrnittea with an earlier filing.

Further, the ne~

ruie allows parties to an acquisition filing for a higher

no~if ication threshold within SO days of filing for a lower

thres~old, in connection with the same acquisition, to

in=orporate by reference any current document or informa:ior.

~he person supplied in the earlier filing.

-4-

acquisitions .!I or aoa new exemptions to the filing

requirements. 21 None of these changes should reouce the

enforcement agencies' ability to scrutinize transactions likely

to violate the antitrust laws.

rFinally, new rule 803.8 should enhance the agenci4s'

ea~acicy co review transactions involving foreign p~rcies or

operations. The new rule requires a company to,provide with i~s

initial filing any English language versio~s that already exist

of documents and information which it submits- in a foreign

language. The rule also requires a party responcing to ~ second

request to translate responsive foreign langua~e documents to the

extent specified in che second request.

2.

Paperwork Burden

Reducing the report1ng burden of the premerger notification

prograrr while maintaining its enforcement value continues co be

an important Corn.rr.ission objective. As noted, the rules changes

just promulgated should advance this objective in several

significant ways. Commission staff are also current~y evaluating

further revisions in the rules and reporting form to reduce

burden. To assist this process as well as to suppl~~ent other

publicly available information on merger activity, we have

preparec tatles ~hich present statistical info:rnation for 1982

Bart-Scott-Rodino filings. This information, ~hich is presented

in Ex~i~it B, is sirr.ilar to the information fo: 1961 filings

pre:entec-in the Com.~iz

~·s 19£2 request fer co~~er.ts .

Rules 802.50 and 802.51 exempt acquisitions o: or by foreign

persons where the effects of such acg~isitions on Unitec

States comrr.erce are relatively small. A major rationale for

these exemptions is the same as that for the minimum dollar

exemption set out in rule 802.20: transactions having a

relatively small nexus with United States col't.T'ilerce are

unlikefy co have a significant domestic anticompetitive

i~pact. ;The ne~ amendments to rules 802.50 ana 802.51 simply

apply "to the "foreign commerce" exemptions the new minirnurr.

doll~r value exemptions in rule 802.20 that ~ere established

by the Comrr.ission on November 21, 1979.

44 Fed. Re;. 667E1

(~ovember 21, 1979).

rules 802.6 and 802.8 create ne~ exemptions for

certain regulated transactions. Ne~ rule B02.6(b) exe~pts

certain transactions requiring approval by che Civil

Aerona~~ics Boa~d.

Ne~ rule 802.S(b) exerr.pts cer~ain

acquisitions involving insured banks or other financial

institu~ions.

These amendments were made to accommodate

changes in other statutes that occurre~ since the rules first

~ent into effect.

Arne~oeo

-s-

on burden reauction . ..§./ We hope that this accitional information

will stimulate further burden-reducing changes as·well as

contribute to scholarly research about mergers.

3.

Compliance

Prior reports to Congress have noted that the preierger

notification program has "been characteri2ed byJa high degree of

eoopera~ion bet~een the ~nforce~ent agencies and those subject eo

the Act.ft l/ The t~o agencies frequently assist parties in

determining whether transactions are subject to the notification

requirements of the program anc what information is called for by

the notification and report for~. !J

Furthermore, all indications suggest that compliance with the

premerger notification progra~'s filing reguirernents continues to

be excellent. The agencies have not yet brought any actions under

Section 7A{g) (1) to recover civil penalties for non-compliance.

The agencies conduc~ a constant.monitoring program to ensure that

the parties to transactions covered by the p:o;ram comply ~ith its

provisions. The agencies review the business newspapers and

industry publications for .anno~ncements of transactions ~hat may

be subject to filing requirerne~ts. Industry sources, such as

corr.petitcrs, and interested me~bers of the public often provide

furthe: information concerning ~ransactions.

~her. a proposed transaction is announced that appears to be

covere~ by the statute :-1 rules, and no filing has been· received

in a reasor.atle time, 6r. when such a transaction has bee~

ar.nouncea as consu~~atec and the agencies have not receivec a

prior filing, letters are ser.t to the parties requesting an

explanation. In all but.a fe~ cases, the res?onses to these

le~ters have adequately explained ~hy the transactions were either

exe~?t or not covered by the premerger notification progra~.

In a

fe~ cases, almost always involving individual~ or small

co:po:ations, failure to file has res~ltec from oversight ra~her

than oe:iberate failure to file. · ln all of the cases in ~hict

violations were identif ieo, the parties have subsequently filed

belated fo;ms when they were made a*are of their filing

cbli9ation. None of the transactions raised any antitrust

p:o~lerr.s.

47 Fee. Reg. 29182 (July 2, 1982). This notice contained

eleven statistical tables showing prernerger filings ano

enforcement interest in 1981.

ii

Fift~

~epc:t

Annual Report to Congress, page 6, and Sixth Annual

to Congress, page 6.

e ,. The FTC's Premerger ·Notification Office, which administers

_1

the

p:ogra~,

receives approximately 50 such inquiries daily.

-6-

Mercer Enforcement Activity Durino 1983

The Antitrust Division did not seek any prelimina:y

injunctions in merger cases in 1983. The Divis:on did, however,

file three complaints in merget cases. 9/ Two cases, United

Sta.tes v. Nati on al Meo i cal Ent er Prises ,-!nc. anc5 NME. Eof§-oi ta ls,

Inc~ and United States v. National Bank and Trust Co~pany of

Norwich and National Bank of Oxford, ar~ s~ill pending. In United

States v. Natio~al Medical Enterprises, lnc. ana NME Eos~itals,

lnc. the complaint challenged NY~'s acquisition of t.he Modesto

City Hospital in Modesto, california, alleging:t.hat it n;ay

substantially lessen competi~ion among general acut.e ca.re

hospitals in the area. Dnitec States v. National Bank and Trust

Co~=a~v of Kc:~ich ana Na:ional Bank of Oxfo:d, challenging the

proposec merger of two upstate Ne\.· i'ork cor.-..:iiercial .ba::ks, went i:o

trial in Noverr.ber. A set~lerr:ent in principle -as announced in the

rr.iost of trial, anc a stipulation, proposed final judgment, anc a

competitive impact statement have ~en filed with the court. The

corr.plaint alleged that the merger ~ay substantially lessen

corr.petition in Chenango County in bo~h retail and corr~ercial

banking se=vices.

A corr.pl.ain·t and a proposeo consent decxee were f ilec

in United States v. G7E CorDora:ion. The corr.plaint

challen9ec GTE's acguisition of Southern Pacific Co~rr.~nicatior.s

Corr.pany ana Southern Pacific Satelli~e Company, allesins that it

may substantially lessen corr.petition in the provision of intercity

teleCO~..'i'.:..mications Ser·;

.;.. ln acdi ti on, the cor.::;,la.int al.lece~

that GTE's expansio~ through its r~gula:eo telephone corr.panie$

into the info=rr.ation services field could create a su~sta~tia!

probability of anticompetitive cond~c: in violation of Section 2

of the Shern:a;; Act.· The An:.itrust Division is ai..·ai~ing er.-:rr o:

the decree by the court.

sirr.ultaneo~sly

!n accition, on four occasions, ~he Ar.titrust Division

inforrnec parties to proposec transactions that it would tile an

antitrust s~it challenging the transactior. unless tne parties

restructurec ~he proposal ~o avoid cornpetitive proble~s or

,,

Unitec States v. National Medical Enterp:ises, Inc. and KP~

Hos::-itals, Inc., Cv. No. F-83-461-EDP (E.D. Cal., Fresno

Division, filec October 31, 1983); United States v. Na:io~al

Ba~k and Trust Company of Nor~ich anc National B~nk of

Oxforc, Cv. No. 83 C!V 537 (N.D.N.Y., filec May 6, 19€3); anc

U~itec S~ates v. GTE Corporation, Cv. No. 63-12SB (D.O.C.,

filec May 4, 1983}.

-7-

abandoned the proposal altogether. l.Qj In each·case, the parties

either restructureo the transaction to eliminate areas of

competitive overlap or oid not consu;n.1,ate, eliminating any need

for legal action by the Antitrust Division.

1 . Of the 28 investigations which involved the issuLnce of

second requests, two transactions were abandon~d by the parties

after the Division issuec requests for aooitional information.

Finally, the Division entered into consent decrees in four

merger cases in which complaints had been filed prior

January l,·1963. ll/

to

The Co~~ission cio not seek any preli~inary injunctions in

merger cases in 1SE3. However, it dio issue one proposed

co~?laint concerning a joint venture and one co~plaint in a

merger case. A proposed corr.plaint and a proposed consent order

were filed si~ultaneously in connection with a joint venture

between General Motors Corporation and Toyota Motor Corporation

De?artment of Justice Press Release of June 15, 1983,

involvin5 the ca?ital stock acquisition by Mission

lnc~stries, lnc. of Petrolane, Inc.; De?artment of Justice

Press Release of Ju~ 0 10, 1963, invclvin; the proposed jcint

.vent~re among Amer¥~cn.Express Company, Paramou~t Pic~ures

Corp~ra:ior., Unive:s~l City Stuoios, Inc., Viacom

International, Inc., ~arner Bros., Inc. and ~arner

Cor.~~;.ications, lnc. to own and operate Showtime and The

Movie Channel; Department of Justice Press Release of March

1, 1963, involving the sale of certain patent, know-how and

other rights of Wheelabrator-Frye, Inc. to a joint venture of

BR!, Inc., a subsiciary of Dynalectron Corporation, and Air

Products and Chemicals, Inc., in connection with the

acquisition by The Signal Companies, Inc. of WheelabratorFrye, Inc.; and Department of Justice Press Release of

Februa~y 15, 1983, involving the proposed acquisition by

National Amusements, Inc. of four motion picture theaters

fro~ General Cinema.

" States v. American Maize-Products Company and Bayuk

Ur.ited

Cigars, Inc., Cv. No. 81-1232-CIV-J-M (Y..D. Fla.,

Jacksonville Division, filed .Dece~~er 22, 198l; consent

decree entered October 27, 1983); Unitec States v. G.

Heileman Bre~ing Company, Inc. and Pabst Brewing Company, Cv.

No. 62-750 (D. Del., filed November 22, 1962; consent decree

e~tered May 16, 1983); United States v. British Columbia

Forest Pro.ducts, Ltd. and The Mead Corporation, Cv. No. 4-76357 (D. ~inn., filed December 13,.1982; consent decree

e ~ t er e d r-~ a r ch 1 4 , l 9 8 3 ) ; and Uni t e d St at es v • Ame r i can

Branes, lnc., Cv~ No. a2 Civ. 5020 (S.D.N.Y., filed August 2,

1982; consent decree entereo March 9, 1983).

-8-

to build subcompact cars in Fremont, California.· llf

The proposed corr.plaint alleged that the joint venture may

substantially lessen competition in the manufacture and sale of

small new automobiles in the United States ano Canada because

thete are no limitations on the nurr.ber of vehicles· tojbe jointly

p~oduceo and no adequate saf eguaros on the types of ihformation

to be shared by the companies. The Comrrission'provisionally

accepted the ptoposeo consent order. The consent agreement may

be finally approved or rejected after the 60-day public comment

period.

·

,

Further, a complaint was issued against Schlumberger, Ltd.,

challenging the acguisition by its subsidiary, Fairchild Camera

and Instrument Corporation, of Accutest Corporation, a computer

chip test eg~i?~ent producer. 12..I That case is still pending

before an Adrrinistrative Law Judge.

In accition, final orders l:.i/ were issued by the

Co~rr. i s s i on i n s i x o the r mer g e r case s .

In one investigation involving the issuance of second

requests, the parties abandonec the transaction after the

Coillrr.ission issued requests for additional information.

A:sess~ent

c: t~e Effects of the Pre~ercer Notification Procra~

Althou5~ a coc?le'~ assessment of the irrp~ct of thi

pr err. e r ; e : not i f i c a t i on pr o gr ar.. or. the bus i n e s s co r.-.::: ~ n i t y an c5

Jl.I General Motors Corporation anc Toyo:a Motor Corporation, File

Ne. 821-0159, consent agreement provisionally accepted

Decerr.ber 22, 1963.

13/ Schlurr.5erger, Ltd., Docket 9164 (issued January 28, 19&3).

FTC fi·nal orders issued in 1983 include: Jim Walter

Corporation, Docket 8986 (issued November 30, 1983); Flo~ers

Inoustries, Inc., Docket 9148 (issued November 3, 1983); Coca

Cola Company, Docket C-3113 (issued August 3, 1983); Xidex

Corporation, Docket 9146 (issued July 1, 1983); Allied

Corporation, Docket C-3109 {issued May 17, 1983); and Gulf

and western Industries, Inc., Docket 9153 {issued Aprill~,

1963). It should be noted that the cases mentioned in this

repo:t, although a matter of pu~lic record, were not

necessarily reportable under the premerger notification

pr~grarr..

Because of the Act's provisions regarding the

conf ider.tiality of the information obtaineo pursuant to the

pro5ram, it would be inappropriate to identify ~hich cases

were initiated under the premerger notification prograrr..

-9-

antitrust enforcement is not possible in this limiteo report, the

follo\o.·ing observations can be mace.

First, as indicated in previous reports, one of the

notification pro;ram's primary objectives, ~liminating

the so-called "midni;ht merger," has been achieved. 1he

requirements imposed on persons to file notification and observe

a waiting period prior to consummation have largely eliminated

this phenomenon. As noted above, the program's notification

requirements very likely ensure that virtually all significant

mergers or acquisitions occurring in the United States will be

reviewe= by the antitrust agencies prior to the consummation of

the transaction. This provides the agencies with the opportunity

to challer.ge unlawful transactions prior to consummation, thus

avoiding the problem of constructing effective post-acquisition

relief.

pre~erger

Second, the information which the parties provide under the

premerger notification progra~ usually is sufficient for the

er.forceme;.t agencies to make a prorr.pt determination of the

existence of any antitrus~ problems raised by a transaction. ln.

some ir.stances the agencies and the parties have been able to use

the detailed information to isolate one element of a larger

tra~sa=tioi. ~hich creates the antitrust violation.

The parties

then have ~n opportunity to cure the problerr. without sacrificing

the benefits of the ~hole transaction. ln addition, over the

years, pa:ties have increasingly supplied information voluntarily

to the Cc~mission and \-- Antitrust Division. This coop~.atio~

has res~ltec in fe~er a~c narrower second requests._

T~irc, the existence

has_al~ost certainly made

of the pre~e:ger notification progra~

business more aware of the antitrust

consicerations raised by proposed tra~sactions. Sirr.ilarly, the

greatly increased probability that antitrust violations will be

detected prior to consumffiation has likely prevented some illegal

mergers that would otherwise have occurred. Prior to the

pre~e:ger notification program, businesses could, and frequently

did, consurnrr.ate transactions of questionable legality before the

ar.:itrust ~gencies had the opportunity to investigate and prevent

the transaction. The enforcement agencies were forced to pursue

leng:ty post~acquisition litigation while the parties reaped the

bene!i:s of their questionable transactions during the ensuing

litigatidf. (anc afterwards as well, where effective post-·

acquisition relief was not obtained). Since the premerger

notification prograrr. requires reporting before consummation, the

opportur.ity and, thus, the incentive to benefit from illegal

acquisitions has been significantly reouceo.

Some evidence that the premerger notification program

has hac·a beneficiai deterrent effect might be found in the

seccnc rec~est statistics previously discussed. The long-ter~

oe=line

the number of second requests issued as a percentage

c: re?crtable transactions may indicate that, due to the

in

-10-

virtual certainty of detection, businesses are increasincly

avoioing transactions that raise serious antitrust concerns.

Finally, the statistics cited above show that, in the past

yea.r, ·tne agencies have sranteo requests for early t_er~ination

more readily and ~ith greater frequency than in the ear'ly cays of

the prernerger notification program. The impact of last year's

formal interpretation concerning early termination of the ~::tins

perioo appears to be positive. It continues to work well for the

agen~ies and is vie~e6 favorably by the business community.

Tne hss1stant Attorney General of the Antitrust Division has

nis concurrence ~ith this annual report.

in~icated

A se?a:ate statement by Co~~issione: Pertschuk is attached.

Ey direct.ion of the Corr_-r.ission.

cc:

~~e

Strr- -~~=~on~

?ro Te~?=~e

~o~ora~:e

Presi~e~:

~~:te:

-

S~a:es Se~a:i

'"".,,..

....,

,41.,.:,:.._\o.I"

"

-11-

-·

SEPARATE STATE..""Zh"'T OF CO~!SSIONER PERTS~

CONCERNING REPORT TO CONGRESS .

REGARDING TB:E B.SR PROGRAM

May 29, 1984

As was the case last year, the Com:nission.1 s report provides

a supremely optimistic interpretation of the _Commission's merger

,

enforcement record.

On page .3, the Corrur.ission reports the

percentage of reportable transactions

secono requests (that is,. forr..al

~hich

req~ests

unoer the Bart-Scott-Rodino procedure.

were followed up by

for more information)

The trend is striking:

Yea:

Percer.tage of Reportable Transactions

Resultino in Seconc Recuests

1979

12.6%

1950

9

1961

7.5

1962

4. 3

i9E3

4. 3

The Co:7:.. i ss ion argues that:

[T)his persistent downward trend may in part

reflect a beneficial deterrent effort of the

premerger notification program. Because the

program enables the enf orcernent agencies to detect

ana challenge virtually all sizeable anticompetitive acquisitions before they are consummated,

~usinesses may be increasingly avoiding trans,• actions that approach ~he line of illegality.

Meanwhile, out in the actual worla, Business Week (Feb. 6,

198,, p. '2) states:

•The Reagan Administration•s hands-off

po:icy has been, in effect, enabling legislation for the current

merge:· ~ave.~

Time (Feb. 6, 1984, p. 48) reports

th~t

the Reagan

administration's

acquisitions.~

ac~ivity,

~relaxed

posture has helped to encourage big

w. T. Grimm, the authoritative report on merger

shows the number· of acquisitions during lf83 to be a

pine year high and the nu~~er of large mergers to

be an all time

high.

I

si~ply

,

cannot accept the Corr..rr:ission's Panglossian vision

of what is actually ha??er.ing.

,,

-2-

;

List of Appencices

I

! ~ •

s~~~ary

of Transactions,

1~78

- 1983.

N~~~er of Filings Received enc Transactions

Reported by Month for the Years l9SL - 1963.

Copy_of the revisior.s to the rules

ide-:-itif iec as •Final R~les- p~~lisheo

J~~Y 29, 1Se3 <e:fec:ive A~;~st 29,

1963), i~ the Federal Re;ister, 46

Fee. Re;. 34427.

S:a:is:ical ta:les for lSE2,

p:ese~:ing da:a prof ilin; Hart-Scottf~::~~ p:e~::;e: no:if ica:ior. filings

a~~ e~!c:ce~e~: i~terest.

..

•'

s~"'Y of 'l'ransact.icns, l.9 7 e - 19 s 3

1978

(Sept.-Dec.)

Tr a."lS 2'Cti ens

Rep::irtee

Tilings

~eeeiwd

1979

P~.)

1980

(.:7a..~.)

1981

(..i ar.:::5ec. )

l982

pan::5ec.)

824

lOS3

ll44

ll2S

5-40:

l! 627

1618

1462

2000

.195-C . j

2001

986~

48

3!:t7

20Y

211

'!

.

was Jteq..>estec -21 36

FTC

ro:

y

lC'S

74

81

-49

Se

.ceY

33 .i/

26.v

23

.v

2sil

13

51

36

36

31

115

104

174

3c 2/

6,311

l4CI

3/

"i'1 1€

.:../

15

62

53

es

15

143

31

2ss ll

8611

599

44

ll6

23

-

21

t-::..=,e: of

'Tr a--:sa=: i er..:

!Mv=-lvi:i:; a

R~~s: For Ea:~y

:" e..~.i :Ja: i cr.

G:-a:::ee

De-.: er;

-

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B6S

..r.,e re A~ i 'ti en.al

..:...

-

355

Tr ansacd ori.s

lnfo~tion

l.SS3

(.:14.i. -:Oec. )

.:;.·

lSE

24

!""c:e t:-.=:- oc~ L:i:-is ?!'..?::·tie reio;ivee for l! s:in<;:e t.:a.":.Sa=:ic:r. -~=e U>ere a.re rr.;.;ltiple

p.:::.ie::: c: -.·~.e:e- the t:a.-.sa:-:io:-: is c:T.'T=:e:ee t~:ou;:-. seve:a.: steps.

.

~~='= ~:c::;::=.:

a:e t:as~ o~.. t.f')e da:e t.!ie re-:.:->es: •a5 iss~ a..··H: re: t.he da:e cf t.he P.S

f il1n;.

7""lese= s:a::.s::cs a:e be:~ or. t.he c5a:e of t..1ie HS:\ f1:i:-is a..ic no: or. t..l;e da:.e ac:.1cr. •a.s

u;.:.e-: er. :.'.!= req...:es:.

~I Ea:-\. r:_-~: in::2.ooes o;ie t.rar-.sa=:.ia: -in w!":ici': t.he rel'°"·a.;: agency wit..1-iCrei.• a r~.Jest fo

a=:: :io-.~ i:-:!'o:-r..a:io:-:. •

~/

Ea=:-: n:.:ie:

i~.:~es one ua:.sa=:ia: w~i~ was ...,it..~:5""~ after t.he iss:.ia.."'lce of second

Also, one tra.."".Sact.iai was wit.hdra-'!": After the Cotr.issiar. obt.ainee a ter.;:ora.r

rei:u.ir.iri-; o:de: f rc:r. the c::>urt. •.

rec..iests.

f f

-

•

O";e tra.--:sa:-:icr. -·as -.·iti'C:a--":": a!te: the issua."'lce of seicond req..>esu cy. t.he ~.issicr. a

~· tra."':Sa=:.i'Or.s we:e wit..hdrao-':'l after the issuar1ce of seo::nO req.;es-c.s by t.he- Ant.it.rust.

Di\•is:cr..

]./ These rilr.".:.we:s a:e ciff e:er:t frc:r.. a.'ic rro:e a=curate t.ha.; ttose which a~a: in t.he Sixt.!"

Amual Re?=-:t. c.ic--_asic:nilly pardes reg.Jes: early 'tern.inaticri but the wait.in; perio:3

expires be!'o:e t.he agencies car. take any form.a! act.ioo to grant. oc deny the req...>est. l

pr~._.ious a..""L.-iua.1 rep:ir-c.s such req..>es-c.s were erroneously ar.i t.ted fran d>e nl.l?'ber of r~.J~

for ea:}v t.e:r:-.ina:icn b.Jt. an inprO'Jed tracking syster has permitted us 'CO in:5icate Ue:.

he.:e. ~:;se t.he waiting peric:C eX?iree "'1ith:>ut. t.he age.'">Cies 9ranting ea:ly 'tern.ina:..i

the req.Jes:.s we:e e!fectively de!iiee anc! they are c:o~tee in the •Deniee .. ~:e-;ory.

Tu:the..~:·e, t.he la.r9e incr~ases in 1982 w 1983 iri the nl.l'nber of ua."lSact.ior.s ir. wt.le

~ r~.ies: was ~:5-e for early te.rrnina-=.iai r~fi~s a libe:aliz.at.io:i of the St..a."'lciarc .tor

gri!.oo::in; ea:ly ~e!'l'l".ina-:iori following t.he decisic:ri in Be~leiri, Inc. v. Federal Trace

Ca-r.issicr., cv. E-S2-2S~ (0. Ccr.."i. filed Ma:ch 15, 1982).

..

'

.. .

.

.- ................ _.. ..

.

F.0..,..J ~ f VoL a. No. 1C f Friday. Julys. 1D&3 I Jt.Wn a,z,d Jt~atiom

=

n

that lac:Ud a rauenablc bu1a.. hi

panuul

aeC'tiOD tcS("bJ ot Iba

wbcre t.bl cccclui= I.a inneapabla. u

Ad.mitUa tra ti" ~ A.c:. I tJ.S.C.

ft U hara. th& 1 0!2 e c.J.a.i:: QI' tb.a 0th.er

. ecs(b}. u added by tba ~tar"J

JacUd a· "Ut:l'll.I ble buia.. It Ne%Z).I lib · Flu::lbwty AA ~t:-I.. ~

cl.ai:ll that Va:u;wa.b pl"'Crt'idu aupcricr

pi= ralie! le upiriA. it c.a.:mot bavw a

a wari. of 1'9~ tc r.quin both

~pt ember U. 1MJJ tbt Fedan.l n.d.a

,.uc=abl• baa.ii for a c::laU::c that Bar-r

li.cia ~ fQ thzw.c.b tb I hilJ p&DOl' fy of

Commi.11ion hu cmi5ed th.at. lb..a

~ti&ry ar.la.z:.rn tiMit to 5.c.d O\lt

upirizl ~.i.i"n pt.i: ju.It.., wdl u all

raln will DOt ban a a'ip i eMUI t

OTC i».len)aJ &A&.liuica. Ca=vC"Mly. t! whic:b da.i.= wu tba

tc riol..ta

ecmlomic Imped oc a nbst.cU&J

Stcrli=i haa ru1onabl1 buit far a d&im Si.ctiot:: S. ~y. l woald Mi"

n=bc oft ama.D ccitJ tits. ~ IC3 a!

. h i Wzi~ tbt &lltt• b=a of u..

tbat upµi: l"llJtVCI })am jut U

Uta ~atrative Pn:.c.d\11'9 A.c:. I

c:iampl&i:t wit.b rt1pK1

tb.c ~ o!

c&cbn.Jy u all OTC izuC'IW

ICC. ~ • &W 1'1t1Ui.at.o!'J'" .

mti t&.mpol'G.o\1.1 i:lc:cnail t..&nt cl&lm&. ,

Gu:ibillry u.aJrwit of tbat roaJ-. u

~lie&. u C&NlOt " " . 1"1UOnablc

...u Co: a cJ..e..i= Lbat Vuquiab J"l.ljl'Va

ibua!orw mapplicala

luud fwy L S.S. __

p&i.e bc1"lcr thu up!rm. \\'hC"I u

~

advtl"ti.lc ma.ht u objec:tivt ud

~a:a..,..,...

n:"..'lablt clA..m th.at ib p~ '

Sreticm '1 A of tbt 0.)"tlm Al:'. ~

perlcr.:11 betlD tba.o ury other prvdD.C'I.

A.c:t'"). 1J U.S. C. 11&. u •cicic d b'y

11 CFR P'si:I IO 1, 80'2. ~ 1C2

adf'quatr 1\l.b1:uti1tior. for th.at d.a.i:=

Me°tiOUI :o'l cd :C: oft.he Hut..5.=rt·

uc:Hu.rily ~c.Judea Lba adve?'ti.lc

~o ~titN.lt Im~em.niu Ad o!

~r;.-r NotJflc:a1l~ R9'l)01"Ung Wtd

frc:: b.avin.a a T"tuor.ablr bui.t for a

lr,?.. rtoq\l.irn pe.."IOUI co1:1tc::z;>lat1D1

d.a.i= that a.ti other prod:.=1 wo?'U bette:r WaJtin; Penod R9<1unm.nta

cen.a.ill acqui1iti01:a of &&NI.I OT 90cn,

Ui.u. or u well u. the enc adv~

al'l:'l.l..-itict to pvt adv&J:lc:.e DObcit to the

&GOl\:T: Fed6tJ Tradt Com.miaaicm.

Federa.J

Trsde Ccm=.i1aiori ('hV'lla..t'l&T

'nit Comcjaaior. eH!:t tM:iubled.

Aciioc rm.al ra.la

"!err.cf to u "'the Comm.iuicrcj a.a.d

liowtvcr. by t.bt a;:puc.at1oo a{ &&1

aia11u.JrT: nieH r\l.le1 a.med th•

the A.s1i1t&.=t An..omey Ccrienl m

'"\n=n.s i.t I~ t C.01:1 Icl:l po l"U~ cl&.im.a •

p:rei:=cra~ aoti1ica tioc n&Jea. wb.i.ch

cb&J"fr of I.be ~titr.at OiviAi0Z2 of the

dltory. lt l:IOIH the IJ)pum.t

noq u.i.rt tbe pa.rti ea t.o c:crLl..ir. me !"SUI or

~artmcnt of }\&.lticit (bun.1'er Nfe.rr

di.lc:Tp~ey boetwec t.bt cast wbC"9 a

a c:q ui.I i ti Ori.I t.o 5.lt l"lpia:'tl wi tb th.a

to u -i.he ..Uautant Ano+:>ry c;c,,«n..T"

aing.lt adventer ii held liable far

Ff'dcra.J Trade Com:U&iOD cd th.a .

.,~ U:l~t:.1i1trot cla.i.%:.a.. and the

and tc ••ll c:c:rt&.i.c dn i a::'l • t.-c! pc.nod.I

. Orp&r.:1:1e.rit of Jwticz w to wajt a

caM when t.be au::ir cla.i.=a an 111ad.a

bc!o" the CDc.n1mm.ati~ of ~cb

1pt'ciS..: ~nod of um.. bc!oni

~iUom.. Tbc tra.ria.actioa.1 m whir:

·~a.rattly by hw'o diEcrut adve:ri:1acn

~n.~ tiA& rut.b ~.aaC't:iana. 'naue

the adva.nct DOtic:a ~~ct ii

a:c tht Co~uioii ~d.J uc.b

&PtJlic:.able and I.be le~ of the wajt!.;:

aclec;ua tcly 1ub1ta.r.ti1 tK. lri fa::'. f'CIQ a l't"poru.zic ud w &Jtitla ~od

l't'q ll.i.l"e:a: 1.1 cna bl1 the a= tlt!"CU t

,.-nod rl'q~ l1'l Ht O\lt l"Wtpe<tvtJ

rw1w! wQUJd i:iot bt anocaJC1.J.1. J:i.dttd..

c!oreuccct qnicu to dct&rmi.De

izl rubaccticm (al a:ic fb) of wctlc= 1,

t1 .,ouJd bt pe:-!rcth c=ns11te::t .;th t.ba

wbtthc • ~poted muse- Cll'

Tb.e H.arl·Sc:ott·R.~o •=rndmct t.o

ftaa or.a bl e bu it dex: ::i.%:1 e. w t.ic.b t&.k..ta

tile 0.)"!oc A..c1 doea not cb-.. tba

Uito ac:aitil)t riot onJy the ru!Sci~ c! " •~W..itlori m.i.iht Yiolatr the cUtnaat

laW1 uci. 1! D~u&1'J'. tc Md a

tt&.i:ida.rCJ Uf'd ~ dt1C1"'m.IN.l\I ~

the tV'ic!ulce ot:: wbi~ u advc."":i.Mr

~ iilj~oc JC.ff'dC!"a.I CDQ:n

&rt&.llry of mel"Jt'n ud a~U111:m:i.a

ft.!Jf'f but al..:. ·t.1:ir ruaoDablcncu o!

cdfJ' ih• ~titniat lnn..

the ·~·e!'""_,e~·• ae:ior. ud ha ~

b.!""

iru,,. ~= ia =~ i.d.

Oc tbt bui.t of it.a cxpuienc.r With :.be

fa.; :.b.- J.'c1ic110J [)ync.r:1je3 CDrp.. C2

'nit lrt1lativr WIOT')' IUCfHU

p!"C%U11e1 Doti£c.a tlO: n&Jfl itned 1:1

F.'T.C. w.. SS3 (l ~ J. "lzl c:r:na id&ri:al 1.1:1

KY«ra.J ~-,>CINI ~dui~ I.ht A.I:'.

1""1. ihc Cctt::i.Wior. ii pl"Ot:Wr•~

ac!v t..-".la e:' 1 rc.uo n a bi ni ea&. th•

·F'in1. Co~11 cJur!y i:lt~da-d t.o

tbe-.a amc1:1dment1 le l.Dc::ruu t.b.a

Ccc.:.iniot:: rw~ely =naio.r.

~a th.a

"'ml~t mu1u

cl&.nry. Nduc:e ihe bri..-dcri and impnrre

m.'or::u :i ct:: i:! t.b e ad-v el"ti.s~ •

wh.ic.b ia i:aeiotiated ~ w~t and

th.1 ef!'r<:tiv«.a111 of th• rules and t.b.a

pounsior. whit.b m.iJb1 Jiv. tb.e

UIZ3o~oe-d jQll be!o". or IOC!tt.mn

Ne ti.5 c.a ticni a:id Jl.qcr't Fcir=.

.ad¥t..-0ser 1u10: to quettlor. t.ba

.uly ahn. tbc c:loai:l& ta.k.u pl.acz..

~CTTVI DATE ~t ZR. 1.-:l.

f'\-ice:.er J"!Ued u;ioi:i to 1ub11.&.eti&t.1 1

5eocDcl!. Cc~u wa:ited to UllD"P l

cl.a=. Cur!y. u advcr:iM'! poues.ama

~ ~ D01¢1t11U no- COltT'Al!T:

M:tt a~u.ia.itioo.a •r.: St.lb~ to

da Ll ,,, hi t.b dinc'tly COtl tra d.i c:'1I I c:l.a.i.=

John M. 5'wle. Jr. ScUm Attmw)'.

··~.i.I -="lt:i.z:ty =de:t th• ~tit:"

cannot havt • ru101:1.1blt bel.ief mth•

law1 prior to c:oaau.mmatioo. 'na.i..ni

~l"fft Notifica tloa C>mca. ar

trutb of that claim. Ori tbt ot.bc: hud. 1f aobcrtl s. kruch. Otputr A.aai.IW1t

~ pro?ided all oppo1"!1mity fc

ihe car. !:'a di e"!.cr')" rvi dence ail ti tNt tba Dindm fm Evaluatimi. Bunaii o1

6- c!ol"Cl!mc:t a1ence1 to ...U 1 c

a.d .. tr.i.K.- u u;;i,awU'I of !t w wwld

erdu mjo~ t.be oomplctioc o! tbi

Compctltl=. ~ocm XXl. F.Cc!"l.l Tr.da

have DC l''U"'~ to bow about tt the

ln.Aaactiom whic.b tbe arecan d"

Co~uioo. W uh.i.c('tou. D.C. JDSll:l.

adYU'".::iw~ wowc riot be p.rt"clud..C ~

le prt1nit 1¢::i.Sca:t &tltitrwt ~bl

Telepb~ (::::::: s::335L

·- ·

&a.i.iq tbe cla~ lri other won:ia.

FlJ,a.lly, ~II ~I ti) fa i::J.it.1 ti

~O'TU"f ~1"IOIC

•bet.her ar not t.be.""f ii Uabiliry dcpcda.

dl'dlvt ramcdy wbcn a ch&.Ilenir

&.sulaiat'1 na:n.11'7 Ad

It leul ill pC"'.. OCI tbt adnr.iMT'I

ae o!tht ~orcri::=ct &1"!1cin pre

bewl.a,e. nie applic.ati~ cf tb.e

~ amcdmcu to the Ha.:1-Sc:ott- . -=zuNl. T'hlll th• Al:'. ~uira th

. . ~a JTeaived priar coti.3c:al

~i11c::i! cootem;ion.tlftlUI claim.I

~o pramcrier DOti5ca tla%l nJes an

At-01')' ai:tply ii =e c.u.mplt o! Ehe

el ~c.&J:lt ac:qui.ait:iou. proric::lea

'-111!7 \ed:.nical. d.ea~ ~ raolve

~ toola to fac::ilitate I~!..

a!l"ec: o! t!::.:1 1w:id.L--d. &tld •~1

conf.i.aiO'tl a.lld l"t'dl.la unneeasa&ry

rrr. t'C"J o o drvia ti Cl1l f:n:i:i tb.t

~ mvnti&•ticr.. &J)d &ll'W"t'I

ftpo1"°tinl. ~ d.c DOt mata:n&lly

n:ae!.;..i~e= ru101:1able basil doc:tri:IL

crpa.nd the czrvcnft of th. p~

9f>~t}' to Mtk &p1"E~

lllt"=d1= bc!ol"9 ihe pe..-On an lf'I

90t15catiori ni.!11.. DOt de thl"J" b.an .:7

lt la trl.le. •• the majority notea.. ti:Lat

fr'l't tc camp lr u the ir&l:l.M C't1aC.

.tv..:Jican t ec:x:inom.i c U:cpad Upci;l uiy

'" cz:i~: !.a"' p~ede-c! to dctc~e

alimiAa ti.n,a tbc probluc of ~

whJ~ of S~:J.i::a·1 claima wu th. ,ao.c

mtitia affected by~· n.ila.. ~cn!cn..

~to be ad~t&.17 tnzbtt&.ctiat.eid.

·~~&1'1 obv'ioua tc mt that Lbry ca:mol

J! St~ h.u a r1uo=.ablt buia !m a

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Ftodertl R.p1ft I Vol. 48.. No. ·u1 I Friday. July 2:9. 1.Sl8:3 I llul" cd RtfU}at!ons

sht "'''' o! 1 cs.c-ued utm-al ~

_,u br V"l'ltt<:f iii z.bt rWCI. s.c=ac ·sr,.11 u;ilaiN tbc met.bod fr:r

·~ \tie 11Mll of I pcno: fer

fi'll1'0'H of I.De ~f·putoll tnt. N....

,.rar";ih .:n.11 {d) p!"OV\dn th.a~ u ill

9r "Hof a is1tw"ll ~ laC UHLI

.Oct a.bu mnat=c:it UMU.. ""'d.al ·

~lie~ and other m=m~cma

~~ shall ~ mc.lud.cl isl

.

ei1~ the 1iu of c ..iatt al a

.-:ruf'd zia!'W"l.l perso~ Se=cm

SQ.1(1) u1u. for Y&riow catl'foria o!

~po~~ pc~ons. wbo may Cl£l"tify t.bw

P'otifi"uoi:i &tld Re?Crt For== bc.h.al!

I ect'Ltt ,,,,,..,.. n.t ..... _.. t o t a - .

•

•

·• . :•- •

·{dl No UMta or &:rJ a.atw'IJ ~ ar

a! U'J nt&te or I d.ec.aaffd Dltm'a.l

pcrs01:i. Ct.be:' th.a.a i:cn·tt:lt:lt aa.. ta.

~tin& M1:1J:!'itin and ot.bn ma:>m..Jl~um., property. &ball be indudcd m

da~ tb1 tot&.! ~ta ~a~

..

I Im.I Ca1fflarl'

. -·

(•)

•.

(! 11Zl the c..e

or t.bc au t.I o( •

. decu1~ n.at\n.J person. by uy duly

e1.1t.bo!"iud la-aal reprnct.ao•t of such

•a~

..

.

.

• " .. .

of t.bt pe....,ot fiilna 1:1o~c.a'O~ Nl'W

•

9'1~•:"1i-a?I: (511tlpw1tn that u:y

&1111) 111t.bo:"..:ed leiaJ repru.c=t.attn

•• y ~:-:fy t.hc fW.na •hUt t.bc pen.=

The ddi=.!tian of •c:z:mvenion· le

£hl'll noufieatiot it I.be nut.a of•

I IO'l.l(0(3) of tbe !'Wet bu b.e.n

dr-:eur~ Mf1.IJ"L! pe...,or.. T'ht ~ o(

bn>adtn~ Tht 1S'18 l ll:n.lfn(3J

tllr tc~ ~dwy 11.11.bor-.ud J.tal

,dt~ed co:ivenioa u tbr ucha,nae.

rr~:Tar::tatlve~ i.:icl1.1dH f\lc.b c:cmm=Jy · wi!.bo1.1t t.be peymc.nt o( additiona.I

• .,~ d"ir.iatio:a u ~ad.::..iAiatratot.- .

~ide:iiboZ). c! YCti=a ~au. u

•ae~untra. - ·ut'C"lltar: &Cd

d.cfinrd iD i ~.lfn(l~ whic.b do zaet

•ue:-JU':X. ·· &• well •• Ulf leu

.

preac:1tJy pvt tbt owi:ier or bolder tba

c:cC'l:non.Jy 1.1scc tcr.=.a !or iDdil"\Cl'U&lt

f'iiht to •ote !or d.ine'to2"1 o( tbc iaeuu.

whc may .erve tbe w.c:ie hmctu:m.

for ~ti•• whic.b eat!ile tbe owuer or

ia0Jd11 to TOtL

nw dcfl::Uboa prond to be tDo

~c1.u:ie r..1 ii ~~dee 1:ry ~i.Zli

1Mr1r:-::i;:! (aJ:::. I ~.!l i.I u:i~ded by

rTVlJ•:":i ;:ara~a ;:il': (d). &:le! I !CJ.& i.a

&me:ler:: by 1d~.P&r1.J:"lph {a)(5) to

,.,,_,

rwa: •• foU0•1:

•

I• 1" ••

t:: E.i:.·.j· The te!": ~u:!)'· mea.ia

--a.:

ar.~ na:-...

pe!"'So~ c.c~tior..

CC::'.j)I:). J>L""::le!"'ShJ;:. }01.:ll Tc:tl!lU"a.

a11oe1 oor.. joi.r:Httocl ai:ipt.Dy. tra.at.

a:are of 1 dr:eued uh:..-..: p-rnor..

fo~"'\Cll.lOt.. fu.=C:.. izutt'l.lt:ior.. IOQety.

1:.lc:-. or c:J~b. wbe!.b~~ i.:it:.0:"'POnlJIC at

c.c:. wbe!"t ... e.r loc.1 ted &.lld of what.eve

c=::un.ahii;i. or Lt!)' NC.2i ..·er. D'\.1.11.ft m .

bui:..ii)tey or au=.,,Ua.r oe.oaJ er azry

lic;r.J:!a t.in& lf!l:ll for UIY of th•

.

lo1'!1oU'li- i= hi• or her c.apadry u Reh:

or 1 n ~ 10 s.: : v t.t1 tw'I '01 oI.be c:o r;>o l"I tu=i

•hie.!: bu 1:1ot t;>n: for:l).d bw tb1

ac:;i.:mtioti cf t.br vooni NCU.-iue1 a:r •

othe: ~te:"U 1 ir. wbJC.:.. if a.l:Tac!y

for:e~ would rtqu.i.rt s:ioti!icatior. cda

&hr ae: ud t.bue Nlea: Prcndt!d.

MWl!l't!. tta ! tht ter: ·e-ntity• aha.lJ

mc.h1dr &.:l) forriJ:'. ltAtL fonrie:C

fQVL"Ul:le!Jl or a1e1:1ey tU1"'1of (oti::ia

. tbu • ~:;;oni tioti t?l,flftd m

~=e!"t.I:;. oor !.he UnJtec StAt.cs. a.:y o(

tbr S:atu t..".e!"tc!. ar a;cy ;-cl.ioc.a.l

f\lb:.:,·~;o:-: or 11el)cy of 11\hc (otbu

lb a.: a c.: :jX)a ti.an cue 11.C ~

net

C:.Or:.::>e..-...r).

•

•

•

D&....,,,W izl I.hi! j{ =YC~ cmJy

ext.b~H o! "C~ wcu.ritiea whlch de

cct Jive tbe owi:ie~ or holder a prTsrnt

fil,b t to YO t.t ! or ciin-C'ton. for v o ti.na

~tlft wb.ic.b do c.&r.')' a pi•ete%21 ?'l,fht

le vote Ocuion&J.Jy. vctiJl&·MCWitle•

&n C"Ut.C which •:ititJe t.bt OwtlU Qt

~oidc le votr for d.i.rf'c1on bi;it wb.Jc.b

&n wo ccmvel"tible izlto other lec.l..'"ltica

W'i tb di!!'CJ1:.X1 : vo Un&

a. tJ n c! er tb e

· onpa.l dc!.:.;tia az: uchu.re of~

t)1it of ll':\ltlt)' WU not. C:CflYel'lO:C.

r'.11:

beai.&H bcfcrt t.br uc.h&.nff tbc

9"\llitiet to be cxc.hu.rf'd bad VOtinl

rtJ!::.s. AA I l"Hul1. 11.1c.h "c.bUllH tile!

DOI fall with.iD I &:r..30 a:id ita ~a.I

~viaioai. S.CtiC?l ~.lO appLia to

can.a ill tnAM c:i=a. mcii;ic::!m&

C:C:DVCl"liOC&. mwhitll t.b.f ac::quir'td

pel"9Ctl ~Y be ltoctile or mdif!c.nmt to

1Se acquiaitio~ To prnct tbc acquired

pel"IOZl hm blcxk.i:a tbc tr&AN~o= by

~hui.n, tc c:cmply wit.b tbe A.C't'• a.Li.ni

n-qWl"ement&. thi• M<:'tioc previd&I lb.at

the waiti.:1n>eriod bcp whc tba

ac:.q~ pen0Z21!.ln.

The &ZCl«n~d defu:.itlorJ m.U:n DC

ft!crei:u:.r t.c t.ht vo~ liShtt of the

M'C"~tlH be.fort tbe uc.h&nat ta.kn

pJ.aCL Wl:i.thrt a tr"U.tl~OZl ii I

CCl:l't'utioc tur'lll cm whet.her lt ii Ult

cxvciu of a f'il.bt mhuct ill tbe

awtlt!"'lh.ip cf Lily wi:i.uities to cxcha.:nit

tbem far ot.bc aei:i.uitiu whia h.ne

pruc: l'Cti:la ns!':tt The 1.1.M of the

ward ·uueH- ill tbe drf..n.iti0%2 ii

bltrt1dt~ to d,i.lti.:J.r'...:.St CQCVC?'llO:I fM:i::D

lb.I 1 i;i tom.a tit ma l'W"'I ticn:i of u mc:.l!.o. u

ftlht. such a.a. for namplc. It~~

ahara b&om1 ctit.led tc Tete b«:a\&M

divide:id1 an not paid. Tu Da'W

Ci.e fin.i QOJ:I alto aUmina t" U

11Zl.nti:&!HIJ")' alJ NfC?TnCft to~

-paymct o! add.ibOfta.I mcaiclentim:i. ..

CcZlvaJ"'LiOAt a.cder tbt •mRded

dilfin!ticn:i which do DOI iA.cnaaa di:wcd·

... =~y tbt •cq~ P«'l"'tODI pc .

osnrw= ~a! O\ltatand..iDc ~Uzla

eeewitin o! ~issuer &l"I. of COW'M..

cumpt from the noti.fic:1boe w

waiW\r period rrq~mtl:lta =d.r

wetio1:11A{c){10} of Ole i\.ct.

Comment I c:\boxu lbt t..Z:Dcded

de~tioc ~uH it d°" 1:1ot apply to

.U.C.:&:21t• of n~tie1 i.saued by 001

pe:"IOSl wb.Jai a.rt CCbVtT"tibir i:it.o YOW::.:

NC\l.l"itltl o{ &:I wucr iricJ1.1dC'C! wit.h.i:i I

dif'u~nl ~o~ For uamp!e. suppoN!

A (i.nci1.1de<l i:i peTSQC ·A-} W'lllm to

dbpon o! it.a !Nnon!j· izlttl"Ht ~the

111:W'icH a( JI {included ~ P't'1"0

""B-} ud A Laauet nos:i-vo~ drbenru.n

whicll may be nc::.ha.nr~d !01 tba

a:idul)'i=.a ! ahuu. Tb.1 com.mc:it

aueru lb.at 1inc.r 1ud a:i cxcha.nie i8

•ou.=a

a.ot a c:z:mnl'lion fbe<,auar ! iJ Dot &r1

cdty izlch1df'd wit.b..iri A) It would not J

cavel"td by l IC'l.JO. aJ3d S could blocl

tbt t""U.afu by rrhaiJl.& to file. Thr

c:=c.=ent propott't t.bl t ·cc:ivl"!"lios:i· k

dc!llled .. the U.tl"CUC of I ns,bt to

uc.ba,nat M'C"Wl"!t.ics for ct.brr M~t1e1

wbJ:ll ,:ve 'tbt bolde: the nfbt to Yett

for clirecton of &:ly iH1.1a.

Tbr Ccz::mjuioe hu dr te::m.ine-d \hi

th1 ·~•tee Zl:locL~c.atioe i.I

1U1J"1ec:e1u..")'. l= t.br 111.J:;ilr abcvc. U

!.older of t.bt ~CUl-~tJl.& dr~etm"t1

iuucd by A may mU.r 1 ~portable

s·

ar.qWlltlOSl Of

I TO~ •~t:IC'I Wt

ff 1.1c.h~tt U:ie de~tu.r'ra for I.he

~ti.Ila MC.U"itict or B bt:ld by A. Sue!:

cxc.baJllt: i.a eo~rcd by I .:l'l.xl' a)( SJ

bcc.auar it ii a:i acqu.i.c1 ::iori of ~tlll..i

MCt.111 ti u fM:ii:c a be Id er otb L" th&.: th

iaaucr. A bo1tl.lt iaa~u i.:i nicb •

crazaae-:)0%2 will the~orr be ~ i:tc be

po&itiazl to Lctcrl'cn wil..t sue!: c

exch&::lf'C th&%l i! t.bt U'U.lac:ioe was

c::cuaic!end a a:11:2vt."'1iOZ). It a.hould I>

a.oted wo that i1 tbe A dc~:w"'r• i

tbe o-wna or bolder tbe n,.bt tc 'PCltt

Sl:lde.tl~ B aha.res pnor t.c cot1ven

IZIY pence pl"Qi)OIU'll t.c ta;UIJ"! tbe·

d.cbcnNn• i=.ay be r.qw.,d to ob~

the 5.ilz::ii arid wa.itin& ~od

nqui.rt:s:ieetJ of tbc ~: bcforr doi...-.;

SH the rta.f fcr=aJ izltc!"prrtA ca:.. 1

.J. tml. -

Sec:tioc ICT1.'1 ii a.me:ic!rc:! by "vi.I

pa.ra~pb (0(3) alld n:a.=;il~t 1 ui.1

which follow pL'"1~?t (r){~, ui::! ~

add.izli ~le :3 to rue .. follow

I eo t. 1

•

•

°'*•

1'1 lltil:WW.

•

•

iit

llll

11....

i

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< .

Q

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2!

p

....

-....

~

:J.

a.

':<

e.

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n

,..

p.

i•

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tt.

e·

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'

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I

Fed•rs.l 'R~ I Vol 48. No. 1n I PrSday. July 5. 19!3 I Ru.l~ and ~•ti011.1

tbu ll5 mmioc. hawnc:U~ ~ tta ~aaitiori mvol'nd m tba

. aeqwaitiO'D or thti: b DOt ~bl..

traJ:siU of the c:c::i.aideraticm wW

•A. th.en !cr1 1till r.por'\I u az:i

•te~1 !ct the~== ta.kc u a

whole whether the pa.rtiea mu.at ?Wport

., acql.l.i:i.=.a J>C"lo:.&. acqui.ra-d ~

• beth. 'n:c anaJycil Of IZIC'l"l!'n c.de:r

_.,, t Cl.2.(d} will tbua hnc tha a.a.mt

re.sWt u chat of CJ otbc ~d:ia:l

.,;11 I Cl...Z{c).

·

~ · -

le •_F"Olid.ation. tbc pa.rtid;ia:tl all

9'c t5"ti: preacqw1iti0%l iciultina cd

l'l'IWb.na eritity ii cew. SU:ice

~ I.lid .. cqui.red pu'IQ~ c:a:m:iot

*'

. ,..dJ.!y be ident.Scd i= ~

•

nnwc:tions.. new I !Ol~d)(:}(Wl

ciaii:-:• l.l" all partiet bor.t acqui."".Ac &J)d

ecqwn-C ~"on• ud uw I em~(d](ll

&&ln :Jur I.ha! 1uc:.h tra.~.uc:>cm.a ah.&ll

bl trratt-: u ac~ui1itio:u of vetmi

N'C".11'\t.IU Under """iaed l em.,:::d}.

cbu. 1 p.L"'I)' i1 drsip.a tel! beth a::i

tc:z\Wl".:& a.nd u: ac:.qUJ.TI'<! pe!"'ton o:ly 1!

ft OC:...-il ;l IH bot!: !'Ci e"I iJ:l l"f'POl"U bl e

ac:;u1r.tillzu i=volved ic • =errft or jJ it

ii 1 p&fl')' ~ 1 coi:aohciati=-

nc. c:ucpln foll~ reY'iMd

I r..:(d) illuatratc It.a appllcaticn:i..

£,u:: i' l t 1 ill UI :rt t flt I •t:i a.r:.iul&f"'

mc!'lc: m ...,h.iC.: c:cr;>cnocc A prop~

tc ~wn Y. a 1u!:l11l:tL-y cf c:cr;ioratiml

J. by=·~ 'Y i=to A'a OW13 n:!:>lid.ia."')'.

X. wi:IJ:.!l ..-J] su."'Vivc. The CCl?".tidc:-ao~

fer tb.c a~W.~ c.orpo!"ltio~ ii cub &lld

Cle vot::.::i ~.:ies of l.ll ~iatrd

&rt ;,,. U:u. iS~ o! :.hr t'IJU~~

TOt::,z ,..c-.i.."':tiu o! A a.:o.C an w:xM.t !au

(l)(i) Aziy ~ ))&l'1')' tc a ~ er

ac::quiriq penoa ouly ud T u mi

~olid1 tioc IJ a.c ~Wriq ~ i!.

~ a rasul t of the tra.n..ac:ti ac:i. sa.ch

ac::q~d ~ ocJy. £.x.a.='Plt J ahOWI

pc~ will held a.cy uaeta or "WOUq

dut tht rnult ii I.ht a.&mt wbe~ B't

~ti•• which it did 11.ot }kold pnor 1.c

acquisition of th• c:onaid.uati= for Y la

tb.a tm:Mcticm.

e:u:cpL E.u.mplt '&ho'"• c:aM lz

•!Uc.ii the c:oi:aid1rabi:m fc: Y wuwtl

(U} AJJ.J ~ pa.ny tc a ~ ar

tht ~t o{ which w&110 a rt'j)Ortabla

cai:i..olid&ti•h " &D •c.qui.rrd pen= t!.

ec.qui.si~o=. ~ this tru.Ncti~ ·A· ia

a 1 rnult of th• tra.nuc:tion. tilt u.cu

u ·~ ui.d T an a:.ql.lirwd pusan ' Of votiJ:i.a ~ti... or a:iy et!ry

f= &:I t cqui1i tia:I O( YOti:i( WC\Ditin.,

mclu.dl!'d withm ~ ~will bt hid

end T' ii u acquiriq IAd •A. c

.

bJ' &.r1J otha:r ~

ac::q~ person i= u acquisition af

(iii) All penou pany tc a t'u.&ac:tion

uacu. Bot!: will Lhurfore l"tpol"! m both u 1 r""u..lt of whic:.b all p&r'tin will 1011

capac:itiu 11.:a.lly. u.u:.plr 5 ill1.1.a1:1 tu

tbeir Hf'&rall p!'9-4cqwsit:ioc identil:let

• cz:msoii da be: m.. hi c.ii all p&rtl n will

a.ball b. both acquir'.q ud ac::qw.r.d

low th1:: MJ)Lntl 1~1! ide::!:l~tlet al a

pcrsam.

ft~! of the truu1ct10C).. Ui tbne

c::im.:=1tuc:.u, all peno:o.a p.&r.')' t.c t.b1

tn.::.> 1 ::ioc rTpoM u both sei; uir".q a.cd

~~

~

Ca=ment l poi:tl out that tOmt $Late

ctl:'jJO!"llt &La:'IJIH pe_"':l)jt. CIL,er to be

•~ecnJatl!'d by tbr 5ll:a of a csT""..figt.t

Of IX!t!'ltr. »t C-1· Dtt/. Codi A.M. tiL L

I :.51 (e). Tbr com=~t •1.1Unt1 th.at t.b..t

word.a -or ur::i5c.a t' - be WL"UC m

I s:r.~d)(l}(ii). Ca~ect e l'UUHU

th11 UA..:plc l =a.le cleat that 1!'" may

II.av' 1 H;>&..-atc repo~ ob!Jaaticr:i

with l"tspet:"! t.o t.be •Otln& •~cur.tin o!

C. wb.iu fon:c part of th1 c:on1iduation

for A"• acqui.titlC:l of Y. ~'

Cac.:.:..111c:i bu adoptsd both

iuuc:. C. Si.tiet w A· (tb.r perao~ o{

wb1C.: J. i• the 1.1.)t:.au ;>L"Ct Rtity)

W\l: i= :.i ud t f..b r 1 U1'Vl v-.:,a CQ.-;i0l"'I tl on. X. • ·~~ltlOta. •

a!lr~ tbc cc::.s1·--1tloe of d:.c

Az:midrd I a:r...?{r) :ia.bt c.!1c Ul.at

~•etior.. it ii thr aequir.:.a perw~ m

wbe:: tht ab.a.rcboldr~ ct a:i ac.qwnd

&e 1c::jw1iton o! voC.."'l.i •~.:."'l::ie1. S~C2

pt:"IOl: ac:q:.ti.."'n auru OT TOCJ:il

-s·· 11 I.be pr~c:. wb:>ac uut.s O'I' "OtlJ:i ~Uta i.c rxc.iiu.rt !ar ita a.huts m

MC"Jt.::r1 w'..j1 bt I~ it i.a &El

u 1=;'.l.irec! iln.w. tbc aequis'itii:u:i i.t

1~'..:...-,c' pe~e. B1.1:.. ai.l'lu cul: uid tbe

~;>L-a l.aJ)' Nl:l)..ct t.c t,ba Ac'..

NC"~~" cf u:o:.hc~ ;>e,."'l~ an eat

~cm l:l'l.l ii 1.::utid1d by ~

cor.11:e~: uwu o{ I.hr pr.1ot: frc:t

p1.ng:""1p!:a {e}. (d}, cd (1) an.:! by

wh.ic:i they an a~Wrl!'c! (•eoe I c:..).

t.br 1eqwa:::io~ b) B of I.hr =naidaJ•u:ion adCJ:.a ua:plea 1~ wh.ici: fellow

puai:-apb (d) 1.c rut! u fcllawa;

fer Y :-Oc A ii rJot aepuately

ftpo~a~le. l.Zl t.bt tl"'L:.NC.tlml u a

191)1..: ~~~,........

wJ)olt. thC"'!for"I. •A" ii Ul acquinl:I( .

• • • • •

pc..,eti only and "'B-· u acq~ pc!"Scn:I

(cl Fat J'W'POMf of tbr ac:t ud thaa

o:Jy -S" may h.avt I Mp&.rltt rTpo~

rWH. a per.on may be Ill ac:quin.nl

o!::li11 ::o:i w: :..!: rupee'! te itl acqi.tiaitio=

pe~l:l a.cd u ac:ql.l.iM pc..-..au wtt.b

o! tbt voQ.::.i •~,¢ties of C. bow,..cr.

rwpeel. te -.epuat• a~tlcm wtw::h

Iu::f'le :! ilhu e-a :ra tht a.n.a.lyail of

c.cai priu 1 •i.n&J e ~ac:t:iar..

lit..iiar ~~.u :!;ell i.t whi c.!l U:i.a

(d)(1)(i) )rU11cn IJ)d ccuoUdaticm.t

c:cna1dcraoon for Y includes tht YOtinl

en tru.sactori.I nibjee1 1.c tht act and

flK\:tl ties of t.b r 1 cq~ par.)'. A. For

a.b&JJ bt trui.d u acqu.Wtion.a of votmf

ttir ~' ?'tUOtl.J. ·A- it&: acq~

.

pirnor. a:.:! ''B'" ii IJl acqu.i:'re! penon. m a.:miUn.

adti::icn:.. ·A· i.t u acq~ pe,..o=., bif.::& OIW i tJ VO t:& ~C"J:'i ::ia will bt b.aJd

b) ciot.lie: ~~== 11 1 i:Tni.lt o! tile

tru.sa~or. a.n.C T

i.t u acqu.i.ru:ll

pit:-s:: w:tt !"ti~~ 1.c lhoM •ot:.q

lr-'..i.-:tiu. Sitic.t t.buc Toti.J:ia •~tin

a!Wl be dl't'?:led ti:i b.a-n made an

-.c:quil.i ti 0:0 o! Y'Otiz:ia Mc:mi u...

(U) ~ a &L"I~· tht pr.tor. which.

&tl.r =~u.=:.m• tioc.. 'Wlll include dsa

CCl!"'pO?"WtiCt. m 1:ij1tr.le2 J'MO!' t'D

c:on1c:..:r..ation whic.b i.I dni.pai.d u

tbc 1Y!'YiVUl.I a:irporuioc ~ tbt pla.r..

&p"Hi:t:iCL ar cer:ifica 11 of me:rpr

~c! to be al~d wit!: rute

aathontia 1.c d1cn.at.e I.ht tn.uad:ia:i

~ln.: 1. Corpcntiac A (th• .Jb-111

p&1Tl'lt uery tncJuded wi:.h.iz: ;iencrri ·A 1

pM:!po•H to acqw.rw Y. a wboll)'-<iWC~

•LlmdiaJ7 ofl (U:it l&ltun.att ,...,..n1 e1:1ty

awudtd .,~ ~ 'T'). ni. ~~=­

• ID br c.am~ oot bJ IDt~ Y Zl.ll X. I

tRoC )'-o'W"Oed sab11di&J')' cf A. wil.h X

R.....;vi:&. ud bT Wl:Tllxi~ IA• 11~ cJ X

• L \.U cm.ly ~ldn o! Y. T\a UNtl o!

% a:i:a11t aolc.l:r llf c:ub u4 th• .-oc:,

...ai:iun of C:. &D llZIC 1'y QZIJ"tJ.l 1~ ID •A• •

T. Si.ncir X 1' dn~t.C I.lit

11:1rporauac iA U:i1 ~or ~cmc:ct al

·~! CJ!" ==.aoLda bl:l':I ud IUICZ

W"ill bw

a.dud~ UI ·A· &ht? =i~• COi) of at•

.

'""°'"UIC

x

n.m1c::i=. -A- wrJl be clte:11.C IC Mft

a.ad• u ·~bor. o( Tl:I~ NC:W"!'tln. bl

dw e~tloi:.. •A· i.t a.z:i e=iw.-=& ,.,.a:

11-c.tu.M it~ ~ld UHU fll .-0~

WC'm'!Cn 11 &be ftot bole! pT"lcr ic ibe

h.:.MC":lcir.. a11d

i.t u ac::;~ pr1..:i:t1

11-c.tll.H t.i:l6 a1w1.1 or thr ~e.-.i wc-.:r.c .. o:

-r

a

tDCT)' prr'Y'lcnaly mc:J11df'C wttJ:l: II w'JJ t

Mic ti,. A 11 a l'ftl.llt of th 1c::w11tio:.. I ~

llicid Ul• cub a:ad .-oc:i NC.:.."\ba o! C u •

rwnJ t of I.Ii• tl'l.:M ctia:. but ll:CI t s:r..::

•l'Plin. ~ &.eq11.111t10%l ia DOI ~.aol.t •,

a Lbr.-w.! ~ I.II ac:qui.-.::ia l'CJ"llCZI .ty. ad .,

a 1.11 ac:i;~ pcrK1: =.:y . ..,... r.

lt,cw"c. 11.avt 1 M;>c-,1• ,.~

.Clipt.ic= •• a.z:i •cq"'\W".Al pen.a:: ma

. w;>t.nll n.::.w=ac izYOI~ t:iM ,,.Uq

~tl"olC..

S. lz U. 1bc:roft ~~IL~••

smai~Uaa fc: Y c:1:1ca111.1 of• alll.a

"'Vl".b ol tiM .-o~ ~~ of A.

SICICflltic.& lftt ~ J.n o{ A'• MNL&.Dd.IJ

'ftl~ -=z:"l~ Wi~ l't'fud VI tbl fttWLi

e{ Ui.ia C1:11:1.11dawc~ T" '8 a:: ~

pc:"-.oC be<:au.M it w\IJ hold "1'~ NCW\Ct

Cc! DO! plT~~ bolli. ct •A" • 11.C

ec:lq~ ~C b.aUM !ti YO~ ~t

will be b.rld b)' I. Sin.er thrM - lllCW!Otl art~ Ina ta.&ZI r.~ ~= l

9mltit'llta lin.t u.a 1sc of~· 011U~

WCi.=c -=m"it)m .,{ A. ~.-c.

°"'

~=-i of~ tc=r.Da II WI

~•A· W\l: tkJ'Wfon ~ ., a.r

eoql.WZ'iz:aa Jl'C"ICC m::.!r ct T u a a:::q11

..-.ce .cJy.

.

I. Ja ~ &bcft cu= ;iJL W'!'J:'OM U..

~daracoe for T la~ of Ui• ""t:::I

.-C-;itS" o.{ %. I w'bc!Jy~tc! n1bs1d.;&.:

A wtuct. ~ w::J: a.lJ c:::ti• 11 cm:::

·

.·

. ..

F.def"I.! Re-t1urr I VcL 48.. No. 147 I Friday. July ?;, 19!:1 I RulH ·and Jt~atlon1

W ~uJ UI l&Jft &Ad toW - U of 1-1

::i111 ~ =.i.;.iioe. S..siiicu &.1ao ~t tt1 .-.iDll

of lhHt wc:llnCJft II int :MJ1 JlS &I.ilia:.

Si.cCll 1M a~11C101:1 of et ¥OQ.q MC\11\o.t

o{ %ii eu'tllpl 11114tf ~ llWWll=i! doll&r

•al1.11 1~aca ia I C:..Z. •A* w\.11 l'l'pCll't

isl ~

u •CE!~ ~

mi'! ud

~ &41 eoq~ pcna: acJy.

4. ll:i I.Dir abo,;. a,&.m..I'!&. n.;ipo.. t.l:la" u

C"UU==.,

-r

c=s1dnst:IC1111 for T. A ft.r.aift'I IO I a

SWiii.!•~ p!ut

al ru

T II Iii~ U llCqll.INl.I penoit ud •A• Ul

·~ ~ i.111 ~bi• ·~em of

fll.i.Wa

.,..iwm:

UMIJ. -A. ud T

W\)J ~ r.pim . . boUI

U a~ W I.II ~ ;>C-.IZ Ul U:il.I

1rlJl,w c:::11:1: >-ca f.M HQ CICC'll;IB •d:i ftMa

i.a. a ~&bit ~=CA.

I. Co:rpcmcO"IM A (I.be a.!~c.t ~II.NU

ce~:.: ~ •Aj &1$d B ~:.b• 11.ic.maca

pu..=t e'!Cf1 ::! ~ T; ~M to

C.CUOLo C,, It ii11C I:. I UW iy fCll"Dl'C!

=~co~ A.I.I &h.a.:Uoi.CC"t o! A &Dd !

fte&I., .~.... of C:. a.rid

win

!:icu A a.c.d I w\ll

lo• ~'" WP&r911 '""'~1:1~ ade::ic-.

* A. &e.d T '" ~Lb a~:,a a.c.d a~

';ICl"S<::t !>ec,aw,a ::..-,. &rW ~ft IO I

~C!IOll IC wt.lcb ...J pL-:ft ! - diet

wp~:a ~c:;1w11cw adalce-

(•l Wbutf"Yc: •oeinl M'C'.i.r.tes CIT'

=-==

UHi.i ant~ be •c:;~

UI

ae:;~-~ j)~c:::. in c::n:.~f'C':ice .-,tb m

aq~1cc:.. :.br ac:p.:irl::oo o{ vct:.:1

·:.-::in OT UM!.S ab&!! be M;ic.ra1r.Jy

•t'C1 IC :ha a=..

•

•

•

•

4. S«:-:::Jf! ll:t.,· ~nda!'J'

A&::;1.us::mrv J.ll ":•flt:•:- Of:••.., o:nd UI

Mr.'7f!!'J at'lti C.:m"'1iuia:::uuu

The IL": •wc:ceC....., l~ti=· Is

d.e!i:itc:..: t S:--4{al of~ :'Uln • ~

ac:::r~::oi:: i.: w!:.ii:.: ~. •=-~-.:a

pe~c:.. !:iy ob~ :::r.~i a! &.e :slUEI'

hoi~ VOC."'1.1 •l'<:".:.~ees af l.llot.!:.c'

iHl.IL!' _.e,;::.'! 11 :!Qr.' =ct C:C!:l=-c.l.

bto=:::ie1 I.be hci~cr of I.ha l.a r-.u ia'uc-' 1

•cc:.& tro:=..-::in.

n.. !r.! I IC"l..4 diC eot =.a.kt rp1ca1

pt":1~1.20=.a fer ~u wht='I '.!it 'j!f".::.L-r

•1::\-:.wtu:ni i1 a Lcr:ie! cec:. Si,:)a

trL.c.M c:io:i ba" d.i.:r ru. t -&.it:,

pcnoci ~~e.:iu @do ~ Ac. &Ad

~H.. ~ ;:irrsca cf a ~..,

&C\W 1nee c::n•J' .n 1-.-!e...... _, :.:i Iba

•=

=esu.:::.it:cn cf~ ;inz.a.rr .

trL::.M C':lcr. w n ~ o!e :'WI w bC"I ~

lan.ar •u • t&=.der ol!u. s .... l l:J"'_'(c:)

p-:Y\cal th.at whirr. • tr..:ic ofc: :-rnltJ

ill & l"l"pQtUb!a a.r=i::C.....,. 1c:;i.:.i.lil:Sor..

f;ba Nl:)t W&.l~ ';)e:"lQd ~r!ltl

•l'l!lic::abi• i= Ult ~-=&Jj' ·~:1oc

ah.all a.I.lie be ·~Llc.iblt tc ~

.

~d&.ry ~~i::i~ For a.a.cpl&. i.!

th.a j):'"..::.L"Y I C"::iUl.S: =.=:i ii I :ssb tr:icia

o~u •bJ~ llu 1 !5-<iay •1.Iti:l.I ~

Uu "'Ll~ !)e!':oc:'. !er a W'CQ~'"Y

~1Jt:oe ......U ai.so be l! d.aya. I!

~nG ~".IU:J &."I :1r..i..: i:c

c:c:mtc:-:10: --~ t!)1 MC:ln.ci&.-y

ac:;~:::ior. whc :..~ ;:inmuy

&C\-.a..:lC.: ii I c:.a~ ~ ~&:. tb.a

waiti:c.s period fer t.b• MCCDcl.&rr

pcrsom and may not .JW11Y1 be

aci:po.i 11 U.C:, will c:cpin 10 ci.a Y1 &f'br:r Uw

~· o{ thr acqlJ.i.ru:tl ~ hat

·

b.c l"laiTeot !ht M..Zl:le U i.f l'l'q'Qtltl

~d C.U. iNu.d i:c coc:urc:ti.= 1nth tU

cub t-=c!u ci!r.r. Tho.r.. wbft tb

prim.&ry acq\IU1bcz:i i.t a t-=da c61r &Ad

cma or mol"I J"l'GUHtl !or adliiilcn:s&l

m!a::i.ation an mac:ia i:c =i:.c.c:ticn with

tiu rHWt:Jl& HCCl!:lcia.t')' ac:qw.alticA. a

fUPOn.N by tht 1cq~ pen= will

c:auw u-... w&iti.q y•nod fer th.

rwpor-~blt MQCd.a.."')' ac::;ui.au:1an will

mtar!t:!"'f'Wit.b :b• =~•ti= of tb.a

p~ t"anMc:':!c=. I: somt c:aM:&.

b.awna. i:cteueec:s =Wd •till oc=r:

tJndtr u..- I !m.4(c:l. tb• •rid of t.b.a

.-..icq ~od fer• M"COrid.ur

~1tiot1 WI.LI =~dd• wit.b that ol the

• pri:.&1" ac:;uisitiori =.!y !! Ult ·~wnna

ptn ~ 5.1 e i !c r bo tb. •: Ul.t &a.mt time.

Th• F"t'.ale.t of a 1.-:::itid.&.ry ac~tio:

c:a.J) t!NI st.!J &f're-t c:.ac.au.:.=1 ecti cf Iha

pr..=.a.-y ac::;i.:u1~cn i.!. !er ex.a.:j)ia. th1

~~-.na ~ri cnly 111.r.u I.bat.it will

be m.t.i.:.:a I l'T;!Ort.I b~t IPl;.."'nc!.a.li"

~tim= a!tc' it h.11 5.led !or~

pr".:::.a...,. ~.

c:=.

. &rcac.w of d:.:.t pouibility. ~

~..in-C! .!.."': !:I a ho1t...: 1 ta.keove- JD.a y

be able to c.u.r-'-w !aventn:: amoaa

pct.e::l.A! awt:i.n. The bo•t..l• tus•t may

be abla tc c:z:ic!u all ac!v&::tqt 01' cc.

~~r by i.:!~ it of &lJ pote1:1C&l

~., acqu.i.a1tlcca whii•

wi~l~ :.ta mfcrmacicm b-ocD odlcr

~ten.

Cac.=.e.:n 4 1qgt"tt.a ~ .,."' ol

du.:~ ....;~ :.heu pniblt:a. iint. ~

ccn=.:::i I.Cl t rrcc:r..mend.a t.b.a t ~

pe"IO=.i i:c acqW..itioz:i.t c:ovcrwd by

l El..:n i .... th.cH i.zl wb.icb tha 1&1"pt

&.l"f ~ bo~ .. bl~ to~..

pctctial ~d&J'T ~itioca to each

~.:.& ;:icrso=. Altar.i.adnl7. dla

CD:cM:r•ot JUGUtl t.lsat i! ~ a~

~ ~en imb.o~ "por.abl1

9'tC:Orld,Lrr ac:qu.ia.ltia:i.c U be allowed to

=~ta~

ac:quWt1=.

,.n::....,.

pre'Vici.c! ~t the·~~ ~non

CUT'Ctct eo ==.:rol ~u w tax.k.

IDvol•l"d i:c tit ~d»r a.t:q\l.ili ti on

&Dd :.mcie-d.i1 tely ,.au It mtc t!fiC"'C!W

11et!.l all waiti::I& pc..-ioc!a rtit=z to dllt

~C....'"'Y ·~U!Slt:CJ:l havt cr;r.,-d.

Al~ ~Hf yrv,'ou.lJ may~

Da'it. th• Cci::.::.a11oe c.a:c.not uid.o!"R

Cbcm .-,tho~t Nz-.ba:r uWy'll.I &AJ:!

~I.~ D.OCCI try tbt ac:qw.r.d

pcncc o! ;icitct al ~.,.

•

~::ices. !er u.u:: pl&. ?D.l J m

prac::u::z be bu..-d~:u

a.cq\W"'l'd

=

..

provision will al.lo bve to be worbd

out••!")' canhi.lly. mad.diti=. it W'01:1ld

be dttirabie to nbjed &CJ' additi=.al

c:lw:.a• ~ tb:a ~ti?.,.... to po.bl.ic

c:omcant. For ~nc ~ tb.e

Coc.m.iuiari· h.u cl.eCd.l"d to P'l"l:Jmulp tt

tb.s or..i:ta&J dw:ir- • t

mu. wti.i.Ja it

ccmti.::u~a to c:ona1d.r th.

8Pi'l"CIJ2ril ltHU cf Nnba l"nV'i=a.

Si.::a th• a;rpUcatiozi ol U!1 !'Ii.Ii

uu.

MCC:uiuy a~1ticn:I to bt-si= ~

~ A ~ ~\Int :li.""ld.ed to t.b.a

~ pcnc:: i:c 11.lt:.!: a w=rida.r7'

&e::\UWtian 'llr'ill ri.ot a.5'.c:l th.~ ol

1:.1 w&it,na puiod i:c ~t C"l.:l.laC:oi:i. .

~· m£:y ic.IWlCH. tb.i.a cil&::.11 w\ll

•

~tt 1.bt ~uibilif1 ti\l.t a

CO'UNI M<:ond.a.ry acqy.i.6id=s i:c Iha

&tU o! me?1r..."" &Dd =nsol.id.atlc:rm-u

ecmtwb.a(. ali:cpL.u. tbt Cgi::u::.laa1cm bu

ad.df'd c:x..t.mpl11 " s. a.ad & to I a:n. 4 a:i

Wiat:"S c. th• trn c::ict o! MC:Dedar.1

a~ir:ic~ i.: thn• coctu.ts. £.i.a:::ple

4 a.bows th.at wb.ft t.b.a ac.q~ ptT"SOa

.m. mustr ii &ZI •c::;W:ui.& 'j:lfflQl: o~y.

lt may b.an to rtpcl'1 l!Wlonry hol~

o{ l.bt ac.q~ ianer u wc=nd.t.ry

~ir:ic~ Even when botb ;iu:n t.c •

a m&."1er an bot.b ~ a.cd

·~ pcrsccs. u.a.=.;ila S illwfttn

Lb.at H c!I acquir...ni ~Ori Bi Wt

c:i:maida =ly tl• m.l.!:lonry hold.i.%l(1 of

iuuen it W\1l c=etrt>l •• • !'Hult cf ~·

crv..ac:ti= u pott:tl&.l w=nci.a..r,'

acqumtic:.a. f"'i.aally. u.a.m~!t e

icejc.atn I.bat i!I a c:omolidatice

pury rD"-lt l"PI~ m:ACnry bolc:L:.ar1 of

all otla:r pa.tt.n u por.nual M'C:mlci&..,

••ch

acquwccu.

Sitdori mu'- a=cde-d by ad::!illa

c:u.::;:ln -'· 1. aiid ! foUowi.::.a

p&r"aP ~b• (b J ud try ·~ ;>&.-.i="" p b

(cl ta rue! at fellows:

1 IDt.4 "!*

•

•

...

•

... j ~

•

•

(bl • • •

&.z,aa;ii.s • • •

4 la IM p2TT\Olia ~IR. un:M A'a

~ii= al I .., a=:i;:;.ab.c by m~ !

cm

IU.l:i1ci d.i&..,. . &nc! s ... dn ii=• 1a<1 ta.

~"""' c::cil'pot'll cc~ I' • YCt.:11 wc-.:.-.::i ..

>••

.,. m.:icaUf'C!..

s.

w 1"1 a.h&:Uo~..,. to

s

ftCl:lft ~ iz l"l'tlft,, Si.oCll

ia O..~c.d

ud A w\ll C1Z1 C"OI !

• . . ~ Cl:l'l"pOl"ll

ud al.c ~ UACll 01 '"ti=& 1o«W'l:ia ll Cid

w~~7.•A•1tu~

,_...,. iz u ~eco o{ "t"DCAC w=r.~

.,,. TW"tlle ol ll CU (dl(tlrul UC (c:!l{:){I}. A

W\.t: be ~ IO jy.,. ~ Cl:IC.lftll of a_

ad A'• !'WU.I:.:.& ·~:1ac cf :bf YOQ,q

-=,nu. of X ia I w-c:r::md 1.r'f acqll.l&I~

~ cu~ .die aly =u1dan. cm p-.id far

eaa

. . 'f"00.::C ~~-

c I. 11 DOI CCl!Sl~

•._!ft 1M ,.._ ~ w'Cic it w

~ by"N'tM .CI c..l!c!l(%1 •A• M aa

~ ~ -.17. TM aCZ('WalCom etl i;a.

amm-il1' ~ ol. I 111 X • daeC:c11 a ·

- -=cinC.U, ~Cloe

bf.,._. but

QZM:ll

T

Ill u ~ ~ .:,.. T ii :so1 li..-d

tD ::A&.l.t &:} _ . . ; . "1 ~~- IA ~

.

ft.e.M~

L le uu:ti>!. 4 ~ ~ ti!•

~dc"llc~ paM! ~A !OT :b..t a~ticm o/

I " c ~ WW"..t o/ ::i. '""~"ii we::::""~,

fll A.. IT T\t"fM ol l ~ d ){l~ • A. u.d "T'

-- .

.

.

.-

•

n. ·~ of &Dy ncrow

wi:irk.abla.

.

. .•

F.d.ral lt..p.tc I Val a

_.."ca tao-th·~ azi.d acq:aisud

~ A ..a.1 •til: be dHm.l'd to Mw

ac:q~ C11:1D:-=i of E. &U l.he"tiON ta..

'"1.ll•. ac:qu.i •iti::= or t.bt 'POQ.q Mc:m'tUet

.tX ii a wczn:id.t17 ac:qll.iaiu=-. AJ~

No. tc I Fri~y .. JWy ::;. ~ f Jluln

Iba Act m:i.lau·~ f'l"POl"ti:i.a w wa.!ti.z:ia

pcnod ~~ta ban &l:nd} bee:

CDC plied with.

.

·

·

Tbt of!e:w. may. o{ CC"Q2"9&. .,..,._.,,, Ul)'

-r

-,.

lit Dow W.c a.: acqu.i."'ifl.& ~ mJ..u I

. · tcdc~ aba.rn for pcymct. wit.bout

pw amCl'QJ a< Am th• trw.ca.a=z.1111.I!

compl~ with I.be Ac:1. .o loaa u tbne

aa.lft M -=odll'f acqii,j&1t1ac.a ol 1ca::l

&huu. whc added le ita prior bold.iq'1.

~ bo7 A. If Lb.a ~~Uoa ~by A..

di:i DO( ..... c.b or IU.K I MW rwporW:ia

. . ~ -.intin o ( - of A'•

..:.eic.ian.. a.nd I I.bu.by 11..i=.a cmnrel tlll

~1 -.bmdll.J"f. I will mu• ~

.

=-~of UI)' &iAarit)' iliol~ ol. a.~

f. AMCIDI U..1 A aAd I ~ ~

emolld1UC111 ic c·n1.1 a zir- IZ'll"';'Cll"tW:lic. C.

De' diat bath A ud ! will W... ~

Cl:rpcrl ll Ide CCU U I

rn\IJt. Si.ma 90

~t'• ~ =l"?Ora ooa i.c u:iatmcit prtar tD

~m..::=..~o i.a Lb.a d.rsipaa-d ~

Cl:l'l"';'OT" Coe.. • A - ~ , • .,. HC both

K:i ~ &:Id 1c:q ~ j>Cl"SO.Q.I tr,- T\l"'tU of

I I:':.~ cJ\lJ(w}. T'cr aci;uia!ucm er< UH

,.,11wa.

.

,. .

Th; aa::rptlJ)Qr For p.l)'i:Onlt en a.z:iy

( c) 'h'b c !"! th t prU=..a..."Y • c::quis i tim:i t.-

•· S«tio11 «11. 41J. D.tcnninct.i011 of Iii• .A..s#u ofa /oinr VuitwT M OtJ,.,.

Corporation for th• hrpou of Applyinz

C,,l'f,Qj,n E.umpU«tl

AJ::cuaded I an.40(c:J d~e• tbt

•ppli c.a tion o( CU"l.W au:cp tiona to tbe

for=.t. ti= o! a joi.:t •ctw't or other a••

CC?'p<lf"I tio::i.. Section 801.40 nt.ablahn

t.bt :DUJlU ~ wt.JcJ:i tht l"lpo~

ft"qWrurltriU oft.be Act will ~applied

tot.be fon:atioc of a joint ~nu.. at ·

ot.bc: c:crporatio:i. Thia ~ori IJl&lyut

tba tta.:.w ctio: by wh.i i:!l a join! YU\tw"'t

-er ot.br. car,>ol"I tio: ii fc~ u

·

•~u.ilitio?l.I of t.bt ntiq ae-c:wities of

d::it nt• carpo!"I tiozi by two or IDO?"'I

CDctributol"L To be l"lpoNblc. th2

a~ws:::ion by a puti=ull." corit:ib\ltor

mu.a: :mft't t.bt 1i.M ciU...-Sa of tba AC1..

. 'nt u1tta oft.be joi!lt vcn.i.rr or otbn

CIDl"'pOratioii (I.be •c:::i~ pr.t.011) fat

Jl'W'?OM~ cf tbt li.u of JIC:"tO?l IHt IJ"e

~te::..i:le"d izl 1c..coni&:1C1 wit.b a spec:W

uwu test Mt oat m ( ICJ1.60(c.). T'hl.t

int l"l'CjW..••re tbt i:lc:Ju.aioc c! ?ADI =Jy

U:aoae Uattl whic..!: wcu.ld appear oc 1

b&.luc:.e abnt b11t alao UHU wh.idl &:If

~= =ntributi:na to Ult h:rrm.atiotl o!

Che jotct ?Ctun c::crporation hu l$l"'H'd

m tra.nafcr ot !or willc.b ~tmrllt.t b.an

bed obtained by tbt joint vc:ctu.n t.o

·~Wn •I &%2]' t1=•. Th• UHi.i of d:le

joint vu run CC1rpo111 tioc at tht ti.mt of

ita fon:ati01:1 &ho i:lc:hide uy a.=ou:nt a!

c:wdit wh.icll a:ry CO?ltrib\ltor b.11 ~d

to axtuc! aJ1C! Al:!)' obl!ia t:ioii ol th2 joint

't'fttw"t corporatioc which azrr

oontrib\JLOr .b.u ~LO f\W"LC*T'hrH c:z.mpticma.. ll 9ll..2:C(b).

D..!C(b )(l ~ &%le! .n..!l {b ~ clr,>cd far

lbci.r applicatioc aa a teat wbJch ii

aimi.111 le tbt aiu-of·pe~oc tall.. Se-c:tiOtl

~ J U.1%:1:1 ptl c:r.u..i%l t:"IJU• ctioa.a

f:c whic.b th• •aiW..-i:.a pe..-sotl would cot

8CqW1'1 cac~l of u ia.av.u W"ith a:i.niW

(l la cub teride: of!er. the waitt::.a

~nod pl"'OUdll.."'U uubli1bf"d far caah

le ti d c: 0 ff t l'1 j'UmJ&ll t tc ffC'ti Q2l.I ,.A(.)

eel 1 A( t) of the ac:t 1ball be •l'PLie& ble

tc both the pi-.i:cary 1~u.i1itio!l cd the

N"CDTlCLl'"f ac.~wJition: (2) I DO~

tendc ofl'e:. the wajtiJli ~riod

Jlr'OC.KlW"r'1 1111blisbec:'. Cor Wida of!an

pu.-.:..nt to uc.tiori 1A(r)(2) cf the ac:t

at.all bf ap;>Llc:.a ble to both I.be pnma...,.

•Cl :.~a :ti on u d th t wa:ind.&..,

•c:q'\Witicr..

J. S«-:,;·cn IOJ JJ Aarpttutc. for

PayrriM: J.s tli~ CDn.s 41.ml!'lCtJon of tu1

Al:T(WSJ lJOl'I

Nt"' l C":..JJ 1t1 ' " t.b.a: the

•C:.:l'j)tc::.r for pay::ic: of vo~

~...-:tes tt.:.ciU"tc:'. ill 1 11!.r.dc o~c: ia

t!a c.::r:::n:::.c•toti or u: ac:::iuil:ltl=

wv t.be Act. ":bt ltl":l Mac:.upt&.C.cz fa:

pt}i:::e:ir· de:iote1 tbe S!:a.J 1ta1e ~ 1

tt:.der o~c:. Al thl• poi!lt. the o~er.ro:

deC:.:dci wbrl.he~ tQ ae:zp: a:ay. 9Cm&. or

ell of tb e tt:l de rT c:'. ab uu an.cl obtalnt

&1'l ~~rici: !lona.l l"iPl tc the ac::2ptad

UL"'U while bK.oi:::.i.Aa lrsally

ce:r.:.::-ted to pay tht te.~duma

·

abL-e!:oide:"I for the:.. \l.'hu. 1 ~

ofre~ ii of 1 ~por:~ble l"iu ud the o~u

e::::!J d~...:li ~' -.!ai~ pe..'iod. It ~t

appu: th.at the of eror c:cwd accspt

.

acer or &lJ tc:ide~c:'. 1bant for pcymct

Wit.bCl'IJl Yioia ~ ~c Act ~ the pl"tJ:..iM

fi11 tbt ac.:;t:jaition woulc! Dot~

CCn.rumz::a ted if tbe ahu-ea wen ~ m

~t drpo1itor-, w::i.! the w&itiQI period

"3t!i or i.J te~atn !; tUtina th.at

·~j)IL"l...'"'t fDT j)l)"'CC:lt ii t:ba

~,~, ::ic: of u u::quiuoon. th•

Dt• ~e :u..i.~t clcc th.a: the ot!eor

C..::ot. flt.ht~ dur~ or a!tc &X'i'intioc

o! t.bt oft~. 1c::.rpt fc: p.ar:::.r::t aha.rn

~C: WU: t"-..ae: the r.qW.~ cf

ac:r:;uilitioc o! •oti.u& HCW'itiet a! a

Lor!~ inu&r U' t.bt il111er doift DOt kild

UH tJ loc:a ted ill the Uzi.it.<! Sta tn

•alu•d al SlS million Of mora. S.C:Uoc

mdettrminit.& the UHi.i o( a foiDJ

ab.&J"'U tc n.c:! e:"l"d iD a teed er o tr er i.t th t

CCnJ u::.::l I ti r:nl 0 f &Zl I t:quil i ti OQ Q{ t.boH

~ wi ~ the mee.a.i!l.a c! tia ·~

a.. odM:r.

mI:! miIUoc er

ao1'. s.ctic= I02...s.::(b)(lJ ucnpta u

K!Ul(b) eumpu u •=1W..ibc= ol .

Y"Oti.n&. Ml:W"!tia by a forttsn pcT.ac tf

~olci. ~I k'1.l(h}.) AA pointed

the &~ti4C will DO! c:cnie:r Cl:IC'Cn)l of

wt by ccm.tucl e.. t.ba o~cror may aao · aii iuucr ~ United Si.ta uaeta

~pt aba.ru fer pt)"'Cll.Ct. Ult

"'1ul'd 1 t llS millicm or ZDCn or a

e.c:qui1illoc ol wh.i:b ii c:u.m;it cde-r tb 'llniled Statat iuucr with ai:usua.J Mt ·

At:1 01 tbnt ""1-.

.

Mle1 or t.ot&l aaMll c! S:S &illicm or

s.cticm IC'l.33 ii added to N&d u

aim. A.mendtd I a:M..41'.Xc) c..&k"

fDnow.:

a:plldt tb1t ita proviaicra en to be ued

H= .,.

~~!) bol~ of r:lt:~n W'I~

tiitr7"'t!Ol"I po~:ia.l Mal~.,. tc:q"UWCClm by

. Ml u.Jn or to!a.1 &IM'U

ni:irun or other c:ct"pOntioti far

P'W"i>OW"I o! d1ttrm.izW:l.& wbtt.bu th...

ae:i:iptiori.a apply to lu form.aeon. 'Tbil

prcpo1ec! c.ba.nie i.oalr,>ora tei i.aLO the

l.a.c.i'u•re of tbe rule ~ po11tion t.lnady

tliec by tbt CcmmiHioc bl tbt

Sta tu:ient of Buis ud P\i.'j>ON tc 1m

I aJ::..:O. wh.ich 11y1 that I 8'1.tei;e) ii

ue-d lo apply the a:ti:l.i.mum doUu n.lut

ne:optioa in tDc.u coctuta. S.t ~ FR

i:l4n.

Ccm=tct I Rgntl tba t tht ~

of the p~poMd c.h&.nr' it too b,,,.c and.

u

1 rnWL. c:ciu.ld p~ua 1ZZ>dta1nbl.e

lzi pa.rtic.il &! . Sre'Ucni

CIOl:ll ~\lff\US..

lll:-SO(b}(l) u.r:::pt.1 ae.qu.i1it>o1:1.1 by a

tJZl.ited Sta tu pence (1{ Yoti.1:11 NCW"ltlct

of a fol"lip Ul111cr wbic.b dou 1:101 !sold

&11et.1 loc.atrd in tbe UCJteod St.atn

(ucll.l.lin of ~"••t::lt~t au~u ud the

~ 1.t1d DOD•V'Oti.cl 1ri:unti1:1 cf I

penoti) v&Juf"d al ~S mill.ice or l:D01"9.

Tbt i:DC'U:lrnt poi.?!u Ol.ll that l llj"'... 4£X'c)

at u:iu1ded could lud tc tbr c:o:odus1oc

tbat tbt ron:nat.io:o of. forr:.i:-. jol.lll

•tntw"f c=r;:.orabcc I.a ~per.able i! it

Jui 1 loa.:i f'.lL"UltH by 1 United Stai.et

ccnt:ibutcr uc t.tua ii tu only c:mitAC'\

w!tl: Uc.itrd State. CJ:1m.muca. n.t

ruu.lt follow• b.-caUH !.lu lou

asut of tbe joi.:i'. YftinJ."'

ccrporatioc ac::crd.iq to I r..60(c) uiC:

:ii IJTU&bly loc:.at.ed m tht Un.it.ad States

1'l:w J:lr'Cblezc L"'iMI bee.I Wit •

CKlmmi tz:l:lan ti of C"'td.i t u d lO&ll

ruanntee1 1.1'1 cow:ned u aanu acJy i

tbr tpe'dal Cro.i.m.lt&.Dc.et af tba

larmat:ioc of a zww )oint n:tlN:!"t

Cl:ltp<lrat:iar.. They wtruld DOI ~""i)y

appc11 u uwu mi a pc.~r.·1 b..l.a.cce

abHL. and 9Q would J:lO( ..eei:t tbt

a;rplicabwty o! the u.1::cpt1~ izl

U a:iuo and ltt:.Jl. Vr'h.i.lt iou

p&n.:itH ii u

ooc:i.mit::cUtl cQ ~ fU&ra.n1HI 9"

~r for d.t~ I.ht Aiu of u

arwly tar:ed corporation.~ 11'1 Do

ft.ln-a.=t &o f:ba t C::Crp::!?"I tlOD. I DC'XlU W:

thUted St.atn cam.ct!'a. wl:ud: is I

~CUI I alc::i r i:: t of th t c:xt:%%1 ~ tl ons

prcrvided u, I t ac:..so &.nd a::...n. Tb r

Comm.inion bu tberdo!"l a:D«ru:lt<!

II aJ:.JO ud ao:.51 t.c '~a lDU

...

eo::ra.i:i.:11 ~rt.Oii tc trS&t tb_t ctll'I DCD-

•~1.1tic buair.t:t• err bu.au:i&&M1 of d:i..e

~W.nd i.11un (&.lld all eiitlbH it

CS)J)trcl.a j &I UH ta btJd U I mull of tl:I.

• acqW..i tion. Tbt 1cqW..iti01:1 will th..c be

npon.ablt {a~ no otbcr

e;u.:cpdoc appLin) I! ibc omi-ecr=autic

~iatN or bu.ai.!)esa.tt acqw.r.d an

..-.Jue-c! at .J'l5 millimi or ID02"11.

C.om::Denf 8 It& ta tba t th.a CA.! b.u DO

~OJ) ov«r ac.qw1iUor.a of Jau - •

tiiu tk of tbe YOtiA& ~be:a o! •

pe..-,Cll:I C(~td Ul H~QA\lti~ &:d &irh.nlpol"'t.atio:., Jt 1.1 tbw ~11blt fer UI

ac:qwaiaO: of lcs.1 thu 1~ to be

subj~ to tht l'T?O~ uid waia.n,

period ~uin:ne:: u of t.b.t Act. wh.i.11 a

l&.rttr 1~w11tioe would be c.:u:::pt.. Tbc

ccc.cen t 5.ecia t.b.i 1 rn w: a:: om.a.I cw

ui:! pro;>o.e• u c.u:i;>ti01' far

ac.qwaitioD.J o! Ins tbc 10" of el!cb a

~-,or., Tbt C:ii:c.::.1..1110~ belirvn that

S\I~ u 11e=ptio~ wou.ld be

ir.li'i''!"OJ):'ilte. 'nle DfW u.&mf)ticn!

I a::.:.~ib J for CAB-l"f'V'it•ed

m

a~ui1iQon1 b

jwti.!ied by tbt fai:r ~t

bet.!: tbe CAB a:id the u:tl:'IJlt lfUl.CU

CLn rTvirw tbe &.etlt:"l.ISI impl.icaoor.a of

SU c,b I c.i;l.:.i Ii ti OD.I w'i t.b O'U I prim Ufe T •

AL..:li• To cx.r:p1 ae:;uiaitioiu col ao

l't'V'it~ a.r.d no: CQvcM lry uy ot.bu

UC.::j:l~O!» WOWC ~ CCDl:r&J"y tD tbt

· p l.lJ"?O 1 n of t.b e Act.

TT..u.a~o:u 11,;bie-ci to new l ec::..!(b)

abcwc be ~po~~:: to t.be &.lltit:"l.l1t

qe:ice1 u !olJo~ lf. 1cme c:J'I' &.l1 of tl:i-e

trL!:t.ac!io: ii c:u:;:it 1mdc

t a::.e{bl:H a..c.(co flL"'t of tbe

h.:.11:-:io~ ii ~P=~abit be-:&1.1.N·of

I ac:..&(b ){: ;. the: to .e-:u.-r the '

c.u:::;:>to-e w:ide~ ta::.&-'.bJ:l}. all c:opie11

of I.be

te~al.s 5lre .,t!J t.be CAB mwit

=•

be Cl:ltl\rCj:>OT'u.t!'OUIJy 5Jt::! with beth

a.n::~~ 11e:11:a1. l! par. of tba

tra.=.Mc!iOtl ii ClZCl)I a.=dcr

f C.&.,~J:l). biJI par. mi.al be ~rt~

~...autt off &r.-&r=>H:). t.br-e p&reft

11)1.1111til: p~Yidr ~iet of all

in!o ~a ti on &Jl r! doc-.i.::i ~ f.V"f ma t.ai&.I

alt'<! wit.I: I.be CAB ~ add.lticn:i.

bowrvr.. =de~ I aco..:te)(2J t.bry m.ay •

~tpocd to c:rl"'.ai.: pw of the For= '

(item1~.1. I uc! 9 uc ;.hr ap~nl±.xJ by

prcrv'l~ i?l!o!":l'la toe on.!y ....,th '""~

&c their tlCtl-&&."CDIUtiC bwi.ri-.. rrr

bu.I i."ln.MS. • I I

ED I b:i I a::::..e b.a I 'btttl l"e'd u iJ:!:..a I Pd

•• I a::.&; a) ue nrw I ec:.&{b) ud &Jl

cxaoplr folloWi.:.i ;:>a.ng:-a ;ib ('bl have

b.ro added u !oUowa. Ill addition. i:b

f IO:.JJ Ult ~!n-rc::r to ·1 a::::..e· ia

ch a..n,...e to ru c! • 1 a::i:. er'. 1 ) u d I 11:.Tl..l 5

1 me ::id r :! by r'l"V'i.r i.e.& p.&n p-a pb (• )( %)

tc rue u follows:

»

. . . . .

llC'U ~~~··&

,

fbJ ('iJ £.1~~~ u ~..d tll

I c..e.: b J;: ;. &J:) > ~actlar. wb.i.cll

. .

.

•

•

.•

..•

..

.-

-

.

Fedenl RP'gistaT I Vcl '2. No. 1C f Friday. July 2S. 1~ f Jtuln &J:d R!1'clat1om

-e.J u I a{ &%l1 'f'O tiJ:1a Clf D01:%Y0tf.cr

.~tiu of uot.ber pcrs.oc held by tb.s

acqw.r.d pet'M:ln. Their.a I ~J

u.:.lud~ fro= t.be T&.11.2.t of aauu .

loc.ated in tbe Un.it~ SI.It.ti I.be Y&hae c!

•illvutmet uuu &Ad 'f'O~ ar

aoi:ivoaq ~tin of mot.bu~­

but Ui"l I a:::i:...s1 ref&m!c! only to

£...S'l. Commr:t 2 ~ ~lb.a

~uel IJ'I !a.r too mall. Di..

Cl:IC:.::011:11 &r'JUet that caesicic.r-.tiom or

ocmity Ut p.utieula.riy ~t md .

~of fOf'W~ . . _ . w

I~

toret9"1.._..,.

. . ·.

9' "'e,.._ -..rrtl• et a

UIVI..: Sl.ltn,.........

.·· .

(a}..U-a • • • . . .·.

.

.

that Io~s:c 1ovunme:it.1 &1'11 ·~a.U.r

-(%) ~ ac::quialtlO'l:I of HMU loc.ated

ftK.tltfW of the izltnaio.:. of Ui:UW<I

Sl&tn &Z)t:itriut la• itl1o Pf'l'd~t!J..­ oataid. r.b1 Uni~ St.at.a.. IC ~r:b. ula

mcsr mtc tbt t.Jm1~ Stain an

lol"tiS:O trui.1actioe&. Tbe c:n:unc.eJ

mvntmmt Htfl.I.. lz:lvest:ce:it uaebl C"'I

attribut.abl.c. al.all be e1.e=pt frti= ta.

S\IGHtl that tht i:c.i.n.imw: thrnhold be

defi:led ud IO'l.l{i)(Z) o{ the rules u

• l'l'ql.linmRU o! the •ct Wft.f u a

at I.aat S'"S m.illicm. Tbt Co1::o.l:n.iMicn:i

•cu.h, d1po1it1 jJ) 5.n&.eoaJ in.ltin.itiocs.

n•ult o! tbe ac::quisitioii r.br ac:q~

d~· DOI apt wil.b thi.I n!UH tion. Tb•

oc.be: meet')' ic uh t int e-w.m ee ti. cd

pt!?"JCtl wOQ.ld bold UMl.I o( !be

pm ell 1 ch.aJl.r11 in 11 a:::i:..!O and aa:..s1

in1trw=c.=1I nidenena rovernmct

ec;qu.irt-d pence tc wh.ic:.b f'Utb aaln · ·

&rt des~l'd tc mak.r the ~pol"'1ina floor

obli11 t:ioc.a. •Tb• Sta tea:ient of B.1.1ia a=.d for truuctioiu izlvolY'i.z2.& ron~

. ·~1•t1ll.& S:.S a::.illloii or z:eort dW"ins

Putpow to l aJ:.30 1tate1 that th•

' t.b e I CQ Won C pel"90t! .I mot l 1"fa::I1 5.a.c:.aJ

pt'nOn.I C:Oil:1c:idt with thOM for

~H of cl.ia~ga.rdi."l( t.bett au.eu ii

. )'9 &J' W IJ"I a ttributa bl&.

tra.owctioc.J bctwe-r.: Ul:l.it~ St.atn

•ttJo n.clud' 11w1.1 that do cot rea.c:t a pcn.¢tll

~ec· • •

aa !or= wa te d ill the m.iAim tm1

1ub1tutial bt.ai.riea1 prunc.e in the

:.

su:rr t.,.. aJ'\AI!' the traAN C't20!l

dollv Tal~ u.ecptioll o! I S::::..:C. nu.

tJr.itec! Sta !et &:'Id geMnJ.ly have Urtle

C1.&:1:1pi1 1. •A• p!'tlpci'Mt IC Mll to T

I

cb~ ii just:Jied by tht CoZ1:Jrjuic:1·1

=cpetitin 1ipi..C:t.a.."'lu.· 43 F'R l3o4Vt"

-=cd

ICIJHUIC~ pwt ~ 1..C atmi.4:

dettr:D.in.ation whu l l!C:..l'O waa

Qu.!y ll. 1i7!l Silla th.ii r.tionai.

M.lra ID r:rr iDto th.I Urut..C St11t1 at?r:bvt.aolc

a:zi en~ th. t tr'L.eN C'cio~ wi t.b 1na

llO tb.11 pwt total..C s:c millioc i.D the most

a;:i;l.iet equally to aequi1itiona by

lmpiC'I

Ul:l.ited SLltn com.z:otrr:.a an

~1 fia.i:a.1 ~11. $.Lzicr T

~d t.

.

fol"!1J: ~nO?ll. the pl"Qvi1ioru of

lm.laely tc viola tt t.br &Dbt:\l.lt La.-.. U

~Wrinc th• Nanld pw1.,Uu:i1., d.t,.. of

I ~51 bave bee: mad' w cz:iic.cida

ca. tl1'T1 plut. bctb plcu WCNJd t.

edd.it!ow a:rperienee aho~ th.at

wt tt th OH of l a:i.:.!a..

CE11U1dcl"Wd aaeeu ffi •A- aow Mid "r T.

1l:l deiu:wuna wbrt.be!' &.C acqui1itic= tru..u ctioiu with • tilJ srn tv e~f'e'".1 cu

S- l m1.ll(b)(%). Si.tier l.br toul t.=11.1.l

ccmmerc.r L~ anllhly to v'iolatt the

ii nee pt W'lder I 60:...Sl(i:~ .one cft'd

Kl" i:c Cl!' mto u,. \ms 1.e sta tn • s.a-.d s:u

&Z:lti1:'"Jt

lawL

tb.u~

tbntholdl

c:a.e

be

not include thr value of a.cy •oti.z1a or

ail!.ioA. tbt acq~1tioi1 of t.bt WCDCd put

rain·d ar&m.

..

noevo~a HC".:."ltles of a.not.be~ pc..~

WoWC DOI be u.&mpt imdrr tb.ll p&r&fl"pl:i..

Commellf • ccnt~dl that thnt

.. 1:.ic:: an lD ~ ac.qu.ind ~iae

('b J Votirlf s.c-.zrilin. • • •

di&.Qu have inl:'Ociue.rd a c:oe~dictioii

I 80::.0('b) Z:UJI be appl..ied ill the

{l}

HoiCi uwu located iJ:I the Umted

mto I !ICl:.Jl(b J. Tbr CJ:ii:c..meet cttt the

dr te!':.ll'\I ti on of the value of sucl:i

Sia trt (cl.be~ tba.t:l mvest='lttll 111eu.

a.u:ple of &11 act;ciaibo:i by & fol"'fil:l

auru That 1e-::.ioe exr.ludn 1ucll

YO til:l.a or DCC VO til:l.a M CW"! ti II 0 t &.Z20 th er

pt!'lo::i of &.Doi.be fol"t:ii= ~rsa::i Juvuia

M"CU..,tles froc t.be det,~atioe of the

~!"IOtl.. &.:id UWt.I Ulthidr:d pU."'l'U&.::i! to

Otl e U O.lteG 5 LI tes Ill b11 d.i ary a.U of

value of au~~ whe:i •Cl:lwnci. Se-:tioll

I an.~i:J(::JJ haviq a.o a~11te book

a:J:..Sl(r:J ha• 1:1ot the:-efort. l>ec

whou UttU IJ"'t Joe.a ted i.e the Uniu-d

T&.lur r:rl S"'.S m.i.lllo::i or m.o~: or

a.mrnde::.. 1in:.r it ~ a.!rud) cons1.1tft!

States UlC IJ"'t n.lue-::! at s= mil!.ioll.Uld

(%)Made a~atr wlet i.e or i;cto tbr

WI tt f IO:..J«"b )(

wb.i~ had SZ) m.ill.iar: izl ...Jet. The

t1:1Jtl'C Sta tea of S.:.S million or mott iri

Loe: C.Om.::l1tmcU Uld 10&.!l

acq~,;.'\I ~!'WO::I I.a lc:(W..~ C:Ctlt?'tl! of

f ti l::IOI t 1"l:.t'n 1 &.c:.aJ fr U.

f'U.."'L!lte" c.oi.u:ted aeol".g t.ht uwu of

U ruuc wl:Jr;.b boldJ Ult~ lo:at.tc! ~

L.l.mplr. •A.• • t:.S ~c... ii tc acqv1l"W

a 1:11.,.·l)·for::ied }ol.tlt vei:it'W"e

tht Ur.it~ Sta tn valued at mcl"'f th&.ll

. . TCICUll MC'W"lt)ft of C. 1 farw1s= iM1.1Cl' C

ccrpcrat.ioe 1"1J.."'UClt to I a::: 40(e}(l}.

fl S m.ill.i on. &l)d the C:O:.:::l t::i t COil lUI dJ . _b.a

llO t.Ntt.t Ill U... Uc.i~ St11n. but a.1da

like izivu:::=l"ll: UllU UC IK"Witin or

tlat •CCD~ to I ea:..5l(b)(l) iha

&U"t"l•tr aaln illto Uir t.llllt..C Satn o{ t.=

ai:iot!:e~ ~~t:. cio cot ~!lKt a

tramactic: ia l"tport.able. But. a:i:ce the

a.,;.uae ~ lb.r IDOi! r.c:rc! ~ THJ' Tlle

niba:.tr.:ai b1.11~"'leu prue:ice ar

h.o.Mt1UIC ii DOt U.trlill'pt imdtrr WI ..aim:.

•c:;uir"..n& pert.er. i.t ·~ coetro: or.

cc:":":pen:1v' 11s:=""..i.5c.t::iee i.z2 I.be Un.itl'd

United St.1tn iaaiar with lu1 thu s:2.S

SLatu Thr c.l.i&Ages to I 9C1.4D(i:) m.U.e

millioll i%l 1.1:1.1:11.11! D.el a.&.let a.nd total

• • • • •

c:J U! th. t l.b e a 11 e LI 0 f I .fo l.e I Y &ti ?W'I

unt.a. t a:l:z.Jl(b}(:Z} ma.kn it c.umpt.

('b). • •

.

.

=~orat.ioe at dete!"m.ll'led iZl

nu coc:i.i:unt don Dtit take tatD

accc:-dl.!let with th&! •«tioo an to be

(t) Az. ~ which boldJ aa.uu

c:iruideratio::i thr pndM woJ"dizli of

loc:a trd mthe Un.ite1:! S1.at.ts (other th.a.tl

ued for putj)o111 of applyina

I l ea:...so and !02..Jl.

prov'ia10C1 o!

txr::iptiox:.s providr:C: b;· ttle l"Q.111

tcvntl:lct &IHU. VOti:i.S or DO:lVOti:l.I

tb ue t.ecti 0::11 IJ"'f 1 t.a 11/d izl th.

lil'O:t'ibn of another pen.an. l.tld uaeu

iricJud.:n1 t t ao:..sD and ec:z..n. Cote.met alter:acn. II a::iy one {ar more) o! the

S po:.r.u out th.a 1 t.br'!ol':l& tioe of a

tndudrd ~t tc t k?l.~.c}{:JJ

p&.r'l.VC i'h.r i.a aa b1fil'd. the trL:.tactio::i

MVin& a.r:: ~&tr bock value o! SlS

lol'!1S: joi:l! ve::in;.."! wi~ no &uttl in

ta ne:i:pt. SH SLatemellt of Buia a:id

tbe Uc.itr:C: Sta tn other tba: a lout

Pw-pou t.c I 801.51. 4.3 n. l3-CSl8 (July n. eil.Loe or man. ar

(,%) A lJS. lN'\JeT wttb a:1.rn.1a1 :wt Mln

l\JUL"'ltee boy • l.Jnitl'd St.I r..n

tr,"! J.

n ii tb 1.iJ no =n !:"a di C'tl o::i 1ZI

or total &1MU of S:.S m.illio::i m mo?'!:

CCf'?Orttioe wou.!c not~ ru:i=;it imder

M,_. I 9:2..!l('b}; ainee l a:l2..!l(b)(%) ii

(c} na. eC"qlUaluotl I.a o! lrs• tbu rl 5

chc pl"'Opo11d lur.;ase cf 11 C.4D(e)

U tu!i..C., the tra.nsactiOll ia n.cmp L

&illio~ o! UNtl loc.aric iri the United

acd E:..!l(b). a!t.bou.g! th.ii rnwt 11

SKtic:w ao:.!O ia amendl'd by rrvi.lq

St.ta {ot.ba: tb.&n !nvnaunt uacs:.al:

ciuriy ur.inte!'ldec a..r.c unduinbla. The

=

=

n

.

ne

ne

Cci::::iuio: baa therefore added t.c the

ki::ci.s o! aur:.. to be exducr:d wb.e:i

ap;i~:-r.ni ii !i::.3'0-'.":i)[l). &:;:..3~('b)(2~

ani: r:..s:;d;. ··auru il:1r:.!~e-c! pu....,uut

\cl IC': '°\CJ(:).• ·

.

Twc ~l:'.=ie::.~ 1d~"""1 the !"1.ili.na o!

the ~ po:-.;..-.a 0ocr ill I l !i::..SC and

p&nVl?hr {a)(%}. (b)(ll. &Dd fb}(l.

a:.unple 2 wh.ieb !0Uow1 pc.nr:-aph (a}.

ed tht u.u::plt wb.i~ fcllew1

puar:-apb ('b) and t ec:.s; ia a.mended

by :TYU;r..g PL,J:"'pb.a (b}(1~ (b)(l). (e}.

~ {d) a.r.c! uui::;il.r %which foiloW1 ·

puai:-a p h (d) tc rud u foll.owa.;

• (dJ 'nc acquired ~r.oe ia W.O •

•

~i,: perace. the ·~•Ir &!lJ'IW

l&ln of the ac.qW."'i:la L"'ld •Cl:lw..-.d

~ iri or U:itD tbt Uruttc! Stai..a &l""f

Ina t.bui tl1 O milU er:.. a.::id tbr aa;:"T'I a t e

total &a.Ht.I o! th• acq~ u.d

.-

-·

.

.

F..:!rn.l R~f'tm' f Vot 4!. No. 1C' f Friday. July ZS. 1~ f Ru!n and ~tg'Clatiom

~ fer I c:c=plt '- l"Upa:l.N. Jzi

MW niJ&. J'C!"IC~ IJ"C N<( w.r.c! to

..,Adh whic.b dccw.mc u or .c.!.u.Mt o!

~Cl2tl wowd bavt pro~ tba

nq 1.1e1t..C Won::a tiar.. P&l"l.l"'S pb (c) ii

mi 1ndtd to ca bl.a tht mlQl"'QlfD:ICI

qc..Qet tc f'V&ll.l.ltt thr adequacy of t!i.a

warcb fot ~c.ai" mformatian ar ·

cio:UJftt:CU. Tb.a r-rpo~ p«1'11Cm ia

..

,.qWnC \0 ic!u tify pe~OnJ ha vq th,c

,.qwrtd fllrorma ti an. Lo duaibt dloru

tD obt&.i: f1 ~d Li.at thr nUDet o{ ~~

•be N~l'd for nrc:h inform.atioc and.

lfDC .~crt WU made. Lo e.:rpl~ why.

f'it.alJ)'. pua,sraph (d) '~" tba .

icfor=atiori wb.Jcll :it.ii! be prtiTll:ied

.

wbe."t noncz::impli&.C.U ii bu«! cm a _ ·

cW: of pri\'\l~.

.

.

Ccm=e:tt 1 obje-cu to the ~:u.nt

mreviMC I l:i3..3(c) t.ba t the idctity o!

pc."SQtu who teut.be-: for M!'tpotl.S.iv•

Ooc:-.i.:=e:IJ bt d.i.Jdosec ol:l the ~d&

tb.at ru:O: p-enocu wowc ofte:: be ll'laJ

c:ou::ue J a.De d.iado1W"! of th e.i.I' !l.&mH

wowd viola ti the --on. prod~

n..

o.e:~ tio:t frcm diJcavuy.

Ccm:.i.uioc bc..Un~s th.at thia ~

a! th r l"Ul r ii :ie--..r 11.1.J")' to &ll ow l.h.t

mvutii• :ve 11.&f' t.o rv1.h1atr the

ad f'«\I &ey o( I tr L -:.h for doci,U:U:s:IU.

~er t.bc n.i.le c!oe1 oot N"qu.in the

C'Li.l.:J 0 I:.;.""t 0 { &:l }' in!0 n::.& 0 QO l"!J a tlq \c

\%\ IMCll':lt')"I lrgaJ &.e&Jy1i.1 at ltn~

..: ~Ddi.!la llt:ig1:iotl. ~ ~qui.nmcnt

~u :to ti:.:u: tD the ~u th•

•worl. prod~c:f' u.e:pt:ioo 11 ~t.c.df'd

1c ;:rotte'..

~~ IC:J..3 ia ~ to rea.c! u

kiU~

t~

SU~llf~far

~-

A cc:;:lrt.r ~rpo~c ab~ bir suppl.i..d

to ea i tu:c O'tl tb e So t.5 c.a tiO"tl Ul.d

Jlr ;>c ~ Fo.n:: CU: t:i a:: y 1"1•1:r1i et t far

ad~!ioca: in!o:i::i1t:io?J J"W ma.i:it Lo

w ::. or. 1 A( r ) a.:u:: I ea::; .:::i Wb e=.rver

the pel"lo: ~ :ioc.5ca tic: i.I mublr tc

supply a CDcp;et.r rM;>OQ.Je. that pcnoa.

c

lh.a.U provide. !or eac.!: i:.tm for whic.h

Ae11 th.&:l a c.o i: ;:ilt t t ru ;>on.c bu 0.C

eup~lif'<i. t 1t.1tr:ie:t of rtuocu far

zionc.oi:pliuci. T"bc tt..lfrmret o.!

c:ciit&in

all iri!or=a ti.or. i.:po: wb,jc,b 1 ~

rtJ.in i= tX}ll.u.a DOC o( It.a

.

ao1:1~i:oplil.%lc.t ~ a.h&!i i.J:M:.h3dr at

J.a11 tht follo~

·

(aJ \'r'by tht pel"lot. it cable to

ftUQN for ?IOOCOtlli)~U

.w

~ly. ==~it~ f"HPOnK

(b) W'b.a 1 i:! on:..a :iOtl. a.:c! wb.a t

~::5.: COC'~e:iu or catqoriu o.!

·~.:.!:le::~. wo.Ud b1 ..·e bcf!1l ~ui..-.d

for 1 cc:plete rt1~t1.1<

(t) \\~c. i! a.oyoi:ir. hu t.b• ~ui.:Td

t:Jc:·:ution. &llC 1~-5c cioc~ct.a ar

c:a :ri:iriea do~.:.:r:: :i. a.nd •

or

cl.n.:-. ;> ::.o:. o{ al.i dfot""' =a d.t to obtain

9D.Cb m!ormatlcm Rd

c» 1•1•11:&.·

1

bclu~ tba u.m... of pusona wi:i.c

~~to ahn11D a

p>d !a.il.h b:ltcticzc to cctlll.llmMta ta.

Ma:t.bec! !or l'll'qu.i.red i?JJorm.abao &Ad

tn.:l,M~OU. 1i::ic:a a lacl of sooc! !&iUi la

dDc'l.imtllU. a.nd when the Ma.n:h wu

o.rvCJ' tha NUO%l !or thr fa.ilun of aucb a

conducted. If ne J\lcll cl!'crts wen mad&. tr&Atac:tio:c Lob. =mpl•ttd. n.

pri:Mdc u txplanatioe o! tht l"Ht.onl

Commiaaioc beli..,.L bown.r. di.ct dat

wby, a.2:1.d • ducripticrn a! all dcru .

aciciitiaa.&l &NW'&.Dea Lb.at at th,, am. of

Dr:r'l l&J')' Lo ob ta.ill rwqWNd

. ... ..

&int the p&rti.., ill t.ad l.o ro ~ .

Al:a!orm.tiot1 anc! c:i.oew:nct-=

. .

with tilt ~oc f\l,lt!.5u tb .

(d} \\'hen conc.ocpl.i.alla LI hued cm

sU:t..i.m&l addJobs:W dart to campty wttb

• cl~ of privil~. a 1ta t1::ie1:1t of tht

~ reqw.r.-.L

claim of pnvil1ar a.cc! alJ faeu ,..lire! cm

&.ctia12 m:u la uzi~ed br •dd.izii

J= f\lj1pCll"t lbtr'lr'Q£. mcJucii.nc lbt icicctity ... ,.• .,..,.,b (a)(3J a.nc! '- IT.,;.;.,..

of uc.b doeu=ct. It.a aiithor. acid.re....., r--.--r

"''

·data. si;bje-ci marta:r. a.U ,..Opi~ta of th.a ,9&1"1.iT'pb (bj tc "ad u follows:

~aJ a.cc! of uiy c:epjea.. lt.t p~t

1-=.s

kc.a tier.. u..c! who b.u CD!)trol a! It.

(•).

.

14. S«:'t.J'orl 1413.S:Ajfitit:Tf"7't:I Su/Jrn.it:llff

Wit.ll Iii• No&ificttt.iQl'l llJ7Q lkporr Forrn

Two t'TT\aiona havt b.c made m

I ec:J.5 •hic.b Mta fol"Lb tba

nqi.Unmeou for lbe ~ciaTita that muat

bit 1\1 bm.i t"tf'd wi lb th I S 0 t!.5 c.t 0 otl Gd

Lpo.rt For=. flrtt. crw p&r&~;ib {3)

lu ~ addl'd tc I all.5(1) r.qWrm&

acquirln,a pt rtOl:l.I l:l 1:rUa a c:ti Cl'Cl.f

11"'1"d by I K!'l .30 1.o mc.lud. Iii tb• ir

JlreCl«rte! Dotilic.atiori ~ a ~y o(

the 1:1otict aervl'd ml the acq~ pen.on

"1"1W3 t tD I s:xu{ a )(1).. ·

Mc.coli a rTQ1•iru:irct that th• putin

anut tc a rood f&Jlb mtaatioc to

°'""

~•tt lbt tru.Nc:ioti UI b.c

tacfod1d ~ p&r&~pb (b] of I IOU.

wb.Jcl: applitt tc tra:uctiona isot

co~trTd by I ll:n..JO. Soc.b a N"qWl"l':lct

a.lrudy appu.n ~ pu.~pb (•) &Dd

ha• ~ m.eT'l I'd be.."" Lo i.e.o-t &.M lbe

mforc.tCtlll liel:lQtl. &11"url:lc:a tb.at

tbt i:ltrl:lbo:t l.o c.cmplete lbe t:"a.!:l.Metioa

Mi Q.l1"!"'U : 11 of th 1 ti:m e of .5.l.i.ciC.:n::m ez: ! 3 a111ru lba t lbt ZW'W

ft"ql.l.i.reme:t th.at I copy of the DOticit

tn..:u c.i f"lf"d· 10 tht acq uirrd p.tra.c= be

a tU ~ f'd LO th.e I etj uiriJ\a pet'9oCIC 'I

~d.nit will not aolvt the probl•= o!

&Muri:l& lbat lbr acqWl'ed pc.rao:

ree.ejv11 arna.l notic:e oJ I.ht propoaed

eequiaition. T'ht comm&n! S\l.UHtl

le.a l.H d \hat thr acqu.i.ri.c.& pen.a= be

ch&.""I~ wilb ~ l"apou.ibility of

del.iv~ thr Dotie.a to~ cl:ief

cuc:utive otscr.r of the ac.qu.i.rl'd ~~

Wb.i.le t.br propoN.l may hnt ID.C1l. t.h.e

Ccmmaaioll h&a not had &.ef i.zid.ica ticm.a

cha! a~u.ind pot...-..OnJ ~DOI aCTU.&lJ)'.

ftc.livi.Qc the ~tiCI T'tq~ TA,r

9qgH tio:: •at lbenfare cot pu.""IUed.

'nc pw;>ow of~ lba t a copy o!

Cb• 1:1otia be t\lbmintd With tha

acqul.riJ:lc p.t!"aC:' I 5.l.i.ct ii DOt tc UIW'9

th.a I tht tet:(Wre-d ~n.ol':l h.u ~ind

Cbr notice bu1 tc CAblt tht en.l'orcement

•ndn t.c ~l.U%t..int wile lbef tbe

subewa I.ht notice ii adtqutt.I

or

cider tbt ni.l.H.

_

Com::iel:lt' at..c t.:TJH th.al It ii

.

tm.tlKZ&&&!)' lD !"e'q Wn t.la p.&1'tin l.o I

.Af'.l'idrrfta...., ,.....,,

(3) ni.t dtidni t J'W'<lu.irrd br tiW

p&.r ap pb Cl IJ..l 1 UV f I n.t Cob l"C! to it I

c:opy cf I.ht WTirtec 1:1otia rwaivK by

tbe •C'!Wnd penol:l punuut t!:I

para~pb (•}(1) af th.ii M'l:'ti1:1n.

(b) Not1-ndion 1171..JC or:::;w1itiOM..

For ac:ciw1it:iot11 to •hic:h I 117..lO does

aot apply. the rioti£c.aoon "'C!~d by

th• a Cl aball c:i::m ta i:I a.c a1S d.ni t.

an.a~l'd to the front of lbt riotificatim.

att11t.:a th.at a cc::ic-ac:t. ~mcnt m

p?'l.:cple 01 1-nr:r of iiltnit ID ZDUJ• czr

acqWn hu bec%l ~C\I~ and fwihcr

a ne1 t:l.DI to t.la rood !a.J t.b int e.D tioo a!

the penol':l S,liq ~ti.fie.a boll to ~let.I

tbt tTU.M c:tioQ..

JS. 5«:1.10/'t MJ,.6: E.n,JisJr Venicns t1f

/"01T1~ .!Anzi.i~ !JocTJJ:1Ynt1

Nrw f ICl:l.I Mt.I ov1 the

c::i.M:"'.i.m.sta.:u:u izl wb.i c:h P'l!"ta:C.J

~c.ittiJ:i& fo~ip: l&Jlf\Jllt documrnta

an ~~ to pl"Ovtdt tbt &&mi

m!on:caca:t i.tl £.q.1ia.b •• we.l:..

Para~· pb ICl:l .&( 1 ) l"l'q\Lft1 th.at.

wb112rvr.: u "'I.c.i1 ia b W:lg\;&.1 t vcn ion·

o! uy forriF

iAformaticn:i or

i..n,....,,,

~e?ll.&.1')' mate:ia.: u:::itU at lbt til:ct

of S1.lbc.i11io: of the Noti5c.at:ion uid

a1pcr1 Form both tht !ortip and

~tl: J.a.nr.oqe venica1 1b&l.1 be

9'1.bmitle-ci. All ~ ~qe

•Ul.i=

k u Eq1ish ~ out.J..i::i.a. Nmm&J')'.

a::ctt'ad. car vtrbatil:D nmlat>oZl of a

~ii= l&nf\l&~ doomrn:.. P~ph

I m::l.&_'b J rw-q~• that pcraona

sobmi~ fcil"TiJrl ~e doc.u:unta

or i.a.Icrma t O'l:l i.: l"T 1 ;>cllM to • 1"Q \l!1rt t

for tdciitio::i&J in!orm.atimi or

docwriell1.a.J")' matE:W proT'ide ftrlia.d.m

E:laJ iab ttanala tiozu or cw :.n& !.:'IP• b

~qe venioaa er both to tha al&:l t

~.d in tba request.

Four comm.eta {l. %. I. ud e)

addru.M"d the Dt'W nUL Noia c"!ti~

the rw-q~I that ex:iltin& t.:iJ.lia.b

•nraioc.t oC !ol"!~·l&!l.f\l•ft docw:orot.a

b. tub mi t'tl'd W1 th th f in.I b a.: fllu::.a.. All

oOjf'ctaod to ~ l"'l'QWrt:c:lrl:l! tba I

ft1"b I ti:c t2"'l.nJ Ja ti 0 tu be llJ bz=.; rad U

n-q'IO.in~ bl' a J'W'<lUHt Car aci~uoiW

_-·

., .• .,..

.

.-.·· ...

•

fedcn..I ~t.r I Vot 44. No. 141 f Frii:Uy. July 2S. 1983 f JtuJH cd R.f!Ulationa

iaf

c

-=rAal

m.

crm.atin.

tbe iatc:1.1

:nrmcz:ta 1. i. aid •

tU ~= ==.!li.c::a wUl:l

~

l"W the

w

-.!Cll"CCDct ~"what ~ti tD

c ··~~star'" o{ ~t:Lc:u

~ !ontso ~ca. Snval

Cll:llll:IJ:ZIC.tl a:;irft.M'd =nee: th.al tbe

&fcn:zmcct ~a w'O!.l.!d

n==a tic:a.l!y !"W'quin tr'&All.a t!~ o:! &.Il

doc mcc q ~ t.d U,,: • fa.ms=

1

~ ==iu.!1 ciwr.=i ~t1=­

macid.it!~ ~ m'"l::i•eta u~

Ui.a.l U:i.t ;io......: t,Q ~. . f'OQ. ~

ia ~ th.a 1.fC.CAS' Rthcrity ~

wiJl b.t'" • d.a t:"'..:: r:: ta.I ~ a::t cm !Cl"9i.p

m'nll i::=.m1 i: C:ti.a ="= t!"1 ·

~ ===:c:s ~ &lt.ni.ait......

Cameent ~ F"='?OW• wt ::he·~

be a.hit 1'9'qu.i.n nr.il.a t.Q:::a =Jy of

nmiati.=c tc ~ c:a.w.

·

hrU=l&riJ •hat • ~ ~-n:is.

dldl cf a trs.uado: ui.d ta.U uiy

~ m!ar:zm~t acti:m ~not

D:ltw:it a:y rp..c.a.! U1am:i=a for

n:.J.a ::q nMllti&.l doi:::wccm.. TM

-=Jr

to LU'U.Z't th.at the •f'CDd.a

Wi.Il b.t,.. th• t-c.Ll ti.=• ~od :i.utia t9d

by ~ t.o ca.Iyu lob Ultitrut

~~ o! a

1a ta~

tb& l t.:.. mlcn::.a tic: oeca1 NJ')' bl

~ I: • !=:= Lb&! ii ~taly

IWpcmM to • ?'l'qUlt bc.LirtWI tbt •

1urt nmblr ol docm:nnita .,..

••1

rnpc=.Rn bGt ~&: =nlatlld to the

u.ntrut a.a.&lJ>ia. th.- P&Ztn ~

o:mt&cl ~ 1'l"CfUI~ &.ll':C'T ll:t ciac=u

tb u:=al D&tm'W o{ Ui. ""~

clocn=nit&. .Uc pomca the

ft.:.M==

... b!e.

_ n. a.l~tl"YW ?J'OpoMd mtt..

a::c::.,Qc:..tl a;rpie &.t w:.w :.SaC'.ory fer

~rt~Fint.ti'i.a~

Ua~ R~ty tl:I ~ ~tlc:m bl

laTnt!.f•c:.& an..c::.rya a.ctidpat.td

• woa.Jc! ti. eluc:i.d&t.-d by t.:.. c!cx:vmcta

~ ~ me! wtwt.b.c: ~Cir &ll oI

·iM ~lTt doc:-:mcta ab.01:Ud be

c.c:c..pt.l'd m~y ar Det truu la tad.

ltm.i ~ to p&r"...cl&.r ca~ o:!

n..

=

m!~t a.seen~

. . . , . . a{ Ula ~ pLae»d

rwc:::i"i c ta o! l"l'l:;'ll.rt ti !ar ad.c!.i b cma.!

ckci:c• c 1.1 er inf a~ti= =uLd oJtzc

f::=.ftm:.I ti= t:rr th.a f'l'qwnmc::it th.I 1 U:..,.

Or;:r.ve t:.. c.L:ira=.ct ~" o{ I.he

tc!c.-:.a elem ~ tc t"Tl.11.1..1 ta the

p-oTtcia ~

tru.a.ta ul:l'U.. me wi.ll

c:z:m t1:M tc bt ~ t:n tc rznm mn:ni

de-::= r: !:I wbJC.: w'C'\lld tM call.ad Ur bT O:Cy.tlti'" c.f'e-c::::t of I pa.r:c::J.&r

du.t ~en wbc rac:.b ~Ntl ll"I

tt.l:m '(cJ of tb• F=. that ia. ~cu

~:.:.aJ~ ~ N;:S"8ticm that I.he

~I'd. TrtalatiC11:1.1 o{ fO':"l':.gl'l l&::,rv.af'I

wa.i~ ~od l't'r.::::::.a wbc tU !~

u.aJr:=i t:.a !""'~ ·~t1= m

tan::. c! m&J"Uu U1ci cz:ic:;-c:i:m.

~ ci.cw==o ,,,ti IJ"I r.caind. wit.A

c£oc:.3ec ;a will be !"W'qwm ~ th• leut

c:nct cc;i:a&ata:t wit.h t.b9 qnica'

C.. p&J"tia ftbi:l ~ Ml.i'Ct9d

Ccmme=t ~~..a two·~

en. ii to Lile- ma ~piect cf th.a

~ t.bri: I.aw m!orcim ct

tr'l.Al.!.a Cleo.a

t.:.. t1::l.ll " ~

dat.m::.maCloc a{ wM:i

~ 10 ~ t• -.lf'l:".eod d.oc:::uDc.ta

would pn""'Ct t.ht m!orc:rm~t qn..c:• obil&• c=a.

tr-&.ul&~ ..,.. ~ur mmt be

· at.c !o~ ~ ..-.:rr.c:ma b.t"

!rm: \&I~ thl h:.i:.. za.nd.a ~ Uma

b.al ~f'Uoc! w t.h1 •Llt.q pcnod

pmod to rrn.-.1.b 12'.!anuticm ud

aada cm a ~<:t.M bu.ii. b.o~.

k.I ~ Al t&nl.a t:'T'tly. tbll

.U. a decimo: abow t.b.. ~ far

&Dd uy ~ lim.it1t1~ C1i1 ~-=

b:al.a ~ CU be 1'9'qwnd wO'Q.Jd ti.

. c.!'azu:=.a.et ad=. n:i.a.lly. Ula

cm:=c t ~ :!:.at th• &ma o:!

~ ~ aAoW.C tW"'t m.

pr""Qpos.a.i tc ~ t.:.. .-.J~ pci:iod • . ~ umt Wl th t.bc so.a.ls a! t.:.. A.:t.

~ l:t1:l..t =c:il ac.l.:..-d Yebatt=

..... t.:.c i>C-"'I CIC!. bu.I th.at 1t ~ be

-=c..c= lm..l 11 &dA.d IQ read ..

• ):u.aJ.a :iaz:ii &.l'9 ;:nm~ wCPQ).d niO

~ &f.z: :z:: d.i-r1 ~

~

~ 0.0:,, m~ dccnm«ntl W'C"9

C ~CAD UJ &b.c:rtJl::I th. al'f':l.Ci•' tlmlt

I -=:s..1 ........... ii 18111" lie ........

~~

ID rrrinr fleceuatr iz:.!or:c.a tlazL. 1:1

~t)m-., th.it p:"e;.:tN.l 11 ~te:1

~ Ccc::Cuim: doa n.ct &I!"" t!:l.at a

(•l W'hcc..rrw: It th.I~. o{ ~ 1

with t.:.. tim.a K.b.r::wa pnrridrd bJ' Ui.

_ ~fer ::U..l.a::ic1:11 a! fo~

No~i:.&t10Cl &Cd ltrpor'\ for:: tha:n! ii&:

~~ . . OU~ nz.:::=L-y,

laq.i.a ~ cic-=.c:.:J ii ~ U:.r ac:::rpc Al:'.. a:id m.a 1 be ~nd ~

C:n:-i"«Ml:'1 acthcntt.

c:rt:"l.C er \'~& :..= C"L:a !.a CCJ:I of &ay

C tht ~cr.:::.a e C:: "f' !.hC"".q IQthcri ty

Wa::woCIQ ar o{ &ll er ~c=a o! a.cy

~ 11 doa QCr! ap;ie&r pouihle tD

va.::~ tr,' ~ .... w!2c: it C"Ut.l!d th.a

llz::j1 i:ru..ala l1o:IJ to a ~c ca CZ1'01"1

ec.::::::ccW'1 =.a u:nw a !~

~?'9"'ri~~n.

&a.z:.pa ,. 1'1'<i'.i:lJ'W'd u:i be sub c ne d b1'

&fQ.l"tZ:Q.CJ ~Cft U'l' rct Um.it.cl tD

ol cix:.=cct1 Cl' i:i.!o..":!.&bozt m all

0.. Kt al' t.htM ruln. a.0 ra.:h ~

tl'Ul.l&d=a. « tD cna ta a ..,.cal

~ e:i u:::..~ d.oc-:c:::1cta and

pN'riO\a..ly =::.,.~ l.:.!cr:c.a:!ai=.. bat uw ~ ti:l& puioC ~ cm :.ti. IJQb:s;scicm

~· \'C"S1CC. &b.11 bit f.lac! alm:ii

with~~~ U:Uan=.acu:m c.:

~ t.c ~ th.I R.bm.ta&icm oI

-~ 1.&cft~ ~Cid

. .tl::l"1&1&.

~pticma

dx::.e:1ta.. u..

~bDc.&l war.:u.ec:= er d~-=LIJ1

.... t.Eri&.l ~cn.at to th.t p: 0 f:i"'i'*d

('bJ Ooci=""1..at'f 1Mt.r."i&l.t ar

c!Ql'Csm&.m al'SllCa& ~" crAa bmd

•11 po"&&.ib~ tzl ll.::it ~UCltl for

af'o.c:.a:k!C m.. f~ ~

~ n ~ . . ..• 1J -u.s..c. 161.{ •Kl).

tta.c.alA tic=a. I: pa.r.ic:ulv CUft. ~

~ t= be stlbmin.d in ~•po~ t

'°"~ =iUC A.An ~u.d

a rwqii.nt for aci.d.lb=a.I i:i.!CM:CL1c.oc o:

ap;:roac.b.n an anilabl&. F1n1.

ft.t.M~~ isl'aiTiq r~ ~&'CC

..,,._,mcntar, matmal ah&ll be

~tadvw of t.:.. par'..a CN

ct.a ~ oJ :.b.t Ac1 cir~

-.bmia..d With ~ ::.= tq.ils.!I

b.tL c.aci CIC tb..t c:.!~CJ qc:i..Ca' ~.-4 t:I !3).Ht wit.b ~:r·u=a

~rt at~ o.;ra.-=ct c!JQl1lca ar ~ ~i.. Cl.on.. ~ &ll c:c.a=r

~Wft'I

i::nil :.p I.I tbs=. Tb.It

~ J.a.qg.qt ~ or bc'l.1l. u

~ c:.ammiuicm b«!ol"9 a ~fat

~ dX:! :oat ci.c ., 1a • d.ur

~ i:i.!o=a:i= i.. ~ 5Gdi.

b:ii.i:a tj,.c:m t::a..t it m~ th.I ~

llP'C"'• ~ m

~"'

..,.tir:p ~ pt'O'Tida mlcr:..e=

ID ~t..::u ~ ~ u

I&. s--o·m ~..2'D(at hspoi,. t:o

Ji.!pful. .I: u..~ tb• ~ o! •

~y ... a:y ~Tb.La

$cno.d ~ w~ s.,iJJrzi~

ftq'C.e f.. lfmj tl.:a the ClltrfO'Mft at

~ i::..c.= 1:1:1 i:i:n-es ea• a ac:qa:isitiac.t

.s.r::tiaa a::=..:c est& bLiJ.!ift prc:x::t"<h:r I

~ti

Car

wb,iQ

nrl>aC.m

WI~ !err::;: ?~p.&.:::t ~..... that

~ naqunts !cc 1c!.d.!o..cm.a.l

th.a qC)Q..U !.ave ac:::ai to Ui.· Mtl)e

bula~ a.1'I ~ ud

Ila!cirma ti.= er doi:=c: '..&r1

tEN..l

ldc:::..'r.::.i ca~r'.n o! dci::::=cta far

ll:l.!o~ Cicut the!~~ u

~ ~nts1 b! tb1 a.=:;tr'\l.ft

err b.av1 1bcut a tJ~t.d Sutu ~ ~ ~ !.&.::.r~ ~.an

m!.arc:zmc t 1.fC on.. nne f"l'(j.l«'t~ I

ad...qi.i&ta. i.-.::i 11\.c a ~nt !or

\llr':.;.;1 ~ C::i-m•uiofl ~th•

MY9 th.9 ~-=t of c.r.z.c~ ~· wa::

o.a,- W &xyC.::.SI :.ha l m.& )' be ~ ~t ..cmal i::J'w=a tic=: b,a, b.c

pmOli. ~c~ of t.:lt ;rl'Q;>o.t

b,.c~;.nt~~~ ·

Mil~ m. ICTCICft i=a attomtTI ct

~itlm:I ~=-_..a.!Jy ~I ~ 'J

~ 'CQl:I&. t:.. ~( It& tutcry- ti.::la

bGU: c:c.!cra:=ia! ~ b.aT'I

atbcrlty ~· ~ Cit

XI days {lC city•

Iha ~. c. I :::&.I

ti:.::.. c:h;..~ wt11~ :be m!~t

lm:d.r o.!!z:rJ t./l.l:t c:ci=~ .. Le<! ~

tlp"'"'fiC1'tiaDI Clf ~LI f:ar

~ m::i.al UM"U th. c:cm'P'lfC.tln

=

=

•b.J•

n.

=

m

1

=

-=

=--

1

modi..,.

.,

,

=

.. ..,

I

-·.

•

1f) th• NqW.t{. J &l'I 1'9'::e tved

.~

br tbe

'"~ q-eru:-y. St-ction a:D.za;a)(%)

~ally Jl~vid~ that J"91p<)CM:t CZ)

~~d l'l'qUUU WU't l'W~Ctt '"&l tU

o!Lc:r dt.•~•t•d m I ec:l.1~cr-da1 ii.

et thr .budqi.i.&M&n cf5cn of tb&

&ntitrwat c!orc&:e..:t apnc:iu

WuhiqtoA. tl.C. To ma.Le prOC2duzw

lor Nt\lm o{ l"lspoc.Ht more flu:ibla.

t!tit proriti~ b.&J ~e~ l"lviHO tc m.&b

re1poc.M1 Ui.~ requ~•u Nt'W"Uble

at tbe iocat)O"D d.et\irlat~ ic t.ta rrquut

or. l!z10 locatioe i1 dH~trd. et th1

ot!'.ice-e deaip:.ated ic I eaJ.lO(c~

m

No .:.i::u:c.=nu 1c!d..-c1W'd lh.ia nrrislcu:i.

Scc:to:i a:::c..:o iJ a.me.oded by r.~

-,.ravapb (a)(2) LC rue! 11 folio-a:

I~

"~ fer' addt'lSo:wa : ,

WT1 onNl~ Ot ·II c ? "..m:lll"J ~

(•}

...

(ll All I.be m!onutioc ud · · · ·

d~enta.ry i:u1eria.l l"tquirl'd to b.

tubmittN pl.l17~a.nt tc a ~1.1e-tt imda:r

. . ftqVSt ii lanl'd le&.M:l:I of tbs C::OCtl:lta

o! thr rwqurst 1.1 IOCtl &a pouiblt.. tb• ·

ft\!e alac providn I.hat. "P'O'D rtqwnt ol ·

~ i.Ddlvid;.iaJ 1"9cai'fi.n& DOt1:a.. tDe

etirl ccnitutl of 1.b..t ~ nq"Cl9S'l .

Will bt l''Hd. . . ,.. . •

; ..•

s.-eu~ llll.:c(b)(2)(i.11 ~ daat

pe~ ~ ootillc.aoaa IL"1' a·

·

Oeliil'\&tl'd icdividw n&il.abl1 dW"i:ai

aormal bwiD•u boW"I !or ~· ol

ft'C:eiT'i.na r.quecu for d&.T"1.fic.atic= or

t=pli.5cat1ol:l. rwqu.ntl for add{ncm&J

t:a:Ucrma ti em or cioc:w:oC?1 t&1)'

t mal. ar

actia of th1 i&sua.nc:a of lllt.b NquntA.

New subMCtian [iliJ haa bi.ell added tc

eddJ"'HI I p&l"bc:cla.r pl"'Obl~ wiiJch

:_IJ"iw1 wb~ the i.Dciivid>.ia.l ao d.u.i.,nawd

"DOI Joc:.at..c 1%) thia cowitry. TM MW

wbW'<:tlo:i ~'th.at wba a

=•

"'?Or'!il:l.& ~~ Oll du i.i:i I tel L!l

md.i...,dIJ&.l Joc:a 1fl'd ou i.r.d• th, Uni Led

SL& tea pl.l."'lu&nt lo tub•~= (i.il. at • leut oar U:idiTidua.l loc:a t.fl'd witil.i:i tbe

Vtl.l!eod Statea Cl'd acceaa!bl1 by

ta!cpbcme a.Lao~ d~~ated far th.I

limlte<! p~H o! 1'9'Cel~ nodC8 of .

tbf WUUICI of a ~HI for addit1oW

m!o~atiot. m c:Lxumeclry m.umal.

'n.a di az:.ae ia du (J:'\ed to la cili ta ti

ccc.::1nmi ca ti on.a be :-wee:c I.be !'W'qutl tinl

qen:y and I.be T9C.eipict of the !"l'QUHt.

puas=-a;:ib {a)("l) of th.ii 1e-:tiot1 ab&ll bl

81.lJ.tplJ~ tc th. Coc:.i.uion or tc tb1

A.ui11.&.:lt Attorney c.tt.e:-...1. whic.bncr

=..de 11.1cl:i l"tq1.1est. at ruc.!l loc:.adoa u

au y be c:l.es11='1• tN ic I.be l"l'q1.1nt. or. i!

DO tuc.l: loc:a tici: ll duii=l• '~ at tb.e

4fljcr dcsip11N in l ecJ.lO(c). If such

Cot:.:DeCI 9 U,?'l'U tbr Coz:u::.iMi!m to

~1.1u1 i1 not hilly ,:::cpl.ircl Wlt.A. a

ma.lr.e

twc add.it:io.aa.l ch~ ic the

IA tet:ie°!)! of ruaon..a for ooococ;:ilia.nrx

· 11noa.nt tc I !IO:l.J s.haU be pn:Mded for . JU"tlUd~ rove.rn.U:i.& tbe ianw:a.c::. of

...:.OQQ l'Tql.l UU. Y"in \, tc Jivt the

•e:.b item or po~ci: of ru~~•t

ftdpic! bowledat I.ht c:cntctl of

whlc.b ii c.ot fW.l Ulm;:.J.111d .,t.r.,

. . . . . .

17. S«t;on 803.;o(hl" Ad~itiom::l

Nctifti::r:t.J°Dn ~1.Jtn Rt'f'CJfii.nz

Js.sua.n<:, of .5t-cTJnc' Rrq1Jrrt.1

~C':ior: BCO.:D(:l)I:) of tbe l"'QJu

~C.'iea -be: & llCOCC !"t'Gtltlt ab.a.ll be

.~ec:l ..·e. P?Tvioialy. I M"".DCd "1'qilett iz:i

WT'i tiui wu tf' e-c:i vr v;io.: !"e'ai pt ar

i:

111' OD ~ :n:i u.t,j :.a ti or: ( &... rR uii.c.& tbe ·

fW! t1x1) tit.he:- i:! pe:-s.ar: or by

~epho:it. wbe~ nicll c:ci::=i.:.:::ic:at!cn:1

waa fellowed by WT'iMe::i con..'l.rmatioc

&Ulec .,~ the •Liti:l.1-;>eiod. Tbe

Com::.i..uio::i"a ~!"ienc:e h.&1 b.c that

p&l"ju l"taiV"i.ni ae-c:.otlc! ~vestJ

u.u&l.11 prde to ,.,. a.: •t aom.c u.n.iea b oc

by taie;ibooe &:ld to Hrid LD ~ct ID

obtaJ.:) 1 ...-ritter. c:ep-1 'of iL. To ;irovid• · ·

for UUa p~u.."t i:! I.be n.i.ln. ~· ·

Cozr.m.i Iii OD h.a I UDe:i.ded

l 1C0.%0(bJ(%J(iii

•

T.b1 &.1:1E?ldec 1-ubse-:tio::i ~n

du! a 19ql.lnt ii r~rc::ve wbc D.Otim of

ltt i.u1.1&.:1c.r ii Jivtt. tc tbe ~ tc ·. ·

~ci::: tbt ~\Its! i1 iuueci. Jr'O'ridtd

tbat WT'lttet: ccr.!..-:ttiQ?l (i.e. 1 m;:ry] of

tbt "'GuH: ia cai.:,.e le that pen.a:o

t.!on I.ht u:p...-1 :ion of the m.tti&.I

•ait.-:1 ~rioC. Su= J)Otict =.ay be

sin:. by teit;'bo:::1e or ~ pie~ To

Ull.l.l"t Ul.A: I pa..~ tc _.hoc:. a ..c:m:iid

cunia.l CUft.. ~ tl>t cUOlat'cm.. .nicn ~ ca..rryU:ii ovt d:.rir'

TU pol)JI i b ili tin m:i.cia lb. Ac:.

Mol"l'Ovtt. t.bt c:gi:i:imu:it ,; ...... DO '"*Ill

wby i.Dca::irporati.c.C th&N ~bl

1'1.lc1 ii ~·

aa

ktloz:i I01JD b amadl'd bf~

_puavapb (b}{ll!J.il and addma

pusvaph (b}{:ll.ii}. Th• &oQ"lx!w:t.ory ·•

ta1 of parqraph (b}(%} i.t rrpablia.bed

for lb b:l!omatioc o!tbe ,.de.

llCl:..20 -~ . . ~--­

. . . .. .

~~. docllrbenW., IMWllL

'

·~

.(bi· ••

- ·.'

(2} W1i~n ~ut '1'f«:tin.. A l"llqlloe:lt

fm 1ddit:icmal i.D!onutioc or

·

doe\U:l:ltl:ltL'j' 1=at&ri&J ah&J.l bt

dcc:tiv..,_

•

•

•

•

•

(UJ lz2 the cue of• writtll'tl ,..qunt. ·

tl:pCUl DO ti c:..t 0 f t.b f iHU&QQr Of ftlc:b

~1.1nt tc the pt'r'ICO to whic:b It &a

cl.inctN wi~ the~ »<S.ar (ar.

ic Ult cue of a cub i.ode ~er. a.

diyJ wl.itinJ period (or.111 aJ:.%3

appLiu. 1uc.b other period u that

9e'Cti oo providu J. provided \hat written

ocr..5n:=.t ti~ of I.ht re-qut1 ! ii m.ailed tc

tbe pe.no::i tc wh.ic.b tbr rt"qllH't ia

d.i.rt-C'.z~ wi ~ tbe ori p::ia.l lO-d.a y ( ar .

tbe cau of. cub wader o!!c. uclay) •&Jb:lf period (or. if I IC:..%:3

· applit'I.. l'Oc.b ot.bn period u that

tb1 ~uu: u ~&a pc111ibl&. th.

Ml:tloe pr"OY'id.u). Not1a to thr pan=

ccmmen! l'IJGHU ~ th. is~

tc wh.i ::b tbe l'ttqUH I ii d.in-ctN m.I y bf

aaeoey tc hav1 a wrinc c:::cr;iy of tba

~vet. by telepho::it or ill pr.w.on. ni..

~1.1ttt na.i.la!lle at itl W~crc..

P"~e 5lic.a cot.Sc:atiml ah&ll k"1' a

D.C..

ot: tbr d.ly tht r.quut ta

duii::,atN U:iciiViduaJ l'ttatC1llbly

iN"Urd tc be pic:.ked up by Uu NOJ'letlt.

1-uilablt ~ non:aa.l b1.A1i:!e11 boiin

~ci whc the lat! d.ay of I.be W9Jtl.:lf

th.""O~out \!a wajtinc period~

pe!"iod fa.11' cm a bollday or wtt.i.md th1 ·

tbr 1.ttl1pbon.e w.mb«~ nip;>lied Cllrl t.ba

cccci.=ent propowt tha! 1:1otic:e of a

ca:rti.Scat:ioz:i pare cf tbt Notificatioc cd

,.:quu1 be J'l'lt~ tc be Si?ft by cioee

~lpor'I Fon:.. Neece or I fTC!tlt'91 for

of busi:rM (J:a.. ~Ji.=.. Wuh.i.nf1on.

edcii ti ocal mlcrm& ti= or doe'\mlc:%lW"'y

O.C.. Um•]~ \he tut bu.ati:u:S1 d1y prim auteria.l

~c bt sivu by taleph.ozi.c

tc the ~ti= of the •&.iti.c.C pu;od.

oc.iy tc th.at mdiv'id1.1aJ or tc th.I

'l'bt Commiation h.u decid~ DOI lo

JD.djVidua.l d"iin•t.-d ~ ac::corduw::m

adopt thew IUQHticu.. I= prac:tici.. tb•

std!i o! the m!orc.mianl ~en wbc wit.b subp~pb (lii} belcw. Upcn:i die

rwqunt of tbe md.iv'id>.iaI ~

-~ Meocd ~lJettl Darmally

aoti::t

of the iHu.uicz of f\lcb 1 l"'eqU.St.

c:iplcy tbr pnxadw.... wbjc.h Com.mcri1

the hilJ Wtt o! th1 twq"UHI will be l"ft~

I ~trid.L A WT'itlft =FY of the

'nt wTiru..e c:i::ir.£nna::ioc of Lia ~·t

~HI ii a.l••Y'" zude n·a.i.labl1 tc tb1

th.a Dbt =a.il ~ tc the

ti p&J"'CC t

ncipiell! at tbt Wub.i.nf1on. O.C.. o.!5ca

ettit)' of the pen.co Sllna notificaticA ar

of th• n-ql2tttin.I ·~., ihal 1he

ti U1othu &:ti Ty withl.: the pc~ ~

IWC:ipic:u may obt&JJl it u qu;ci.Jy &JM!

·

aotificatio:

~t tc l a::::u(ai tbc

CC't\YG&::tly u pouiblit. J.rrw.-i:iina Uie

tc~mCltJ.

..-::cod l\IQ"tUicm. tb.t ?"Rqu.i.rtm«=t tic

(1li) Wha th. md!Tid'IW d.n~wd m

.Tl DOtica o{ t.bt iaR&nca o! a aec:cmd

•cccrd.&nct ,.nth ~ph (b){:)(i:i)

ftq\IH t va.alJy Ziii UlJ th.at DCti.ca I.a

above ii not b:ated i:I the l.Jultad

S1vc duric.& the ~&1 b1itiAD.t bOl:'I

SU ta.. tb.t ~ ~ :i oti5e.a !)CIC

oft.be Ncipient. Howrvcr. du

.ha.II d.uipa tt a: add; ti C'!'W i=dJ n.c:hW

c:iTcumJ ta.cc:es i: whic.b • wc:ac.d

•.

loc:a ta-d wi thi:: tb I Uni! a-d c.c tt!I 11) be

nq µnt ia lu1.1~ acme ti::in vary !rem

nuoz:i1 bly •Y"ail.a !::ilr d1.1.-..::z:& ~

dW pen~ R~ '-"rule ?Mt theM

businffl h.olU'I d::,rg~ Cl\I t t.b.t W'ILl ~

~~ bt OOM:"'W'l'd CCl'W.d. .cc.. -

m

or

omc:.e

wtiJ:c•

s

.-

..

Fedeftl R~ter f VoL U. No. 147 { Friday. July 2;. t933 f 1'ulrt aJ"ld R~1tic:m.1

pm;od ~a te!l";)b.ona 1r1:tmber

llCFPLil'd o:: tile cart.a ca tiCll ,..... o! the

No~catioz:i usd ~~Form. nu.

1Ddi'Y1clu.l tb.a.1.1 bl ~ t.d far dw

·

~t.e ~C7N of 1"1<:11-iY'\:i( ~caticm

s lb.f iiln&nca of ~IS for adcilttcma.J

tafarmatiozi Ot COC'ILCHCL&l'y matan&l U:I

~Cll wiUi tbt ~

. . . . '.

o..:nbed m p&racnpb (bJ(.Zl(i.fJ ~ •

la ad.di!S~ ta th.a =e.m.cta

~ .~.. tii• Com.m.iMio:a

l'.::2i •I'd

w b.lc;!. ~ Of.I tsWia.

Iba ~ o! tb.a c.cliOI of ~Md

===·=ti

ftleo• ;.;.,, Scm• of rJi....M c:cmi.mscta

p:"t)~ &dd.itioc.a.J ~iii tbs

~&."TU =t:.!c.atc:i raJ.n. 't:b.e

• Cocc~•1lcn will rt~ :hne a.rmmmts

cd =m1C&r t.tai= u it crp1""91

ad~ :ioea.I i::hl.:I" i.e th.a N1ft.

ly d:U-cU• fll Ute Comr1=·=

~K.b:L

£ao...,..

,.=-.-~,.--­

....... CICICll.~

CD' .u:rNOrl' ~ ~GY

fediel ti £Mrn "~

Con'l'f rr on

~-., 1tJ1111-%'\~ Qr'llllr-.. ZIOJ

---=. ..,.,.

o'f .IJu,t.a Ntt.:rW c:..

T::-. ca;>o-..a:.!Otl Syr.a-m OW't2 ..

~ r..o.en.l t.o.crs:r ~urrr

Corr.,.; ui=. DOE.

~l'iu.l~

Ap?endix B

.

I

I

~

I

'

N'..rt.tie r of Filings Fe-::eived 11 and Transactions

FEZJ:':tee by ~;::~

to: the Years l9El

~

F.:.li~s

tit

- 19SJ.

l9S3

.llil

Tr a'"'.S a:-: i or.s

Fili~cs

Tra~==tio;:s

Fili nos

Tr a "\Sa::-: i Oi'.S

~a~:Ja=;·

1-'

~

..

73

i .;.:

92

149

Sl

F'e ................

,, •.._...

--

lOE

6C'

104

67

116

57

fl.:.:=::-.

14:

75

181

lOS

l4S

80

;,;·;,

.

--

lll

6.;

152

SS

12~

Bl

Ma~:

le::

s2

165

105

135

86

.,.

...,._._

l E:.

6i

2j_ 3

131

lSj_

10.;

J -.:

.• ..

, c: -:

-

l '-'I

"'-

lie

1C2

169

52

H.;

9:

19S

116

l ...."'"'>

..

71

184

9;

'\~~

w -

--- ·:·

l £:

5::-:~"".".:i::

..., c: ..

-.

s:

e;

O::=~=

2. -

.

~

lH

is;

65

155

ES

N:"·:~"".".:.::

2"'l..w

ll 7

2El

10~

210

l LJi

~-:-.:io::

2"'......

111

1€i

96

2:2

i:.;

20:)~

l0E3

1954

1144

2001

l.128

~-

T.../.;..:

1J

r-t:e tha:: one filing may be received for a single transactio;. where

t.'-iere a:e m~l:iple pa.:ties or ..nere the tra."'l..Sactic:ri is c:rr?letee

ti::oJg~ several steps.

·

y

1'fHt •I•• of tt•neactlon la baa•d on tt.. •44t•q•t• tot•I al90unt of •otln~ ••curltl•• and a•••t• to ~ h•ld hr the

acq\llrl"' s-r•on •• a r••utt ol the traneactlon end le ta••n froM th• r•Bpon•• to It•• Jtet of th• pr•••r9er,

notification •nd report for•.

y

Durlft4f cel~•r ,.., 1912, 1144 tren••ctlona w•r• r•pott•d und•r th• Hart-8cott-~odlno pr•••r9er notlf lcatlon pr09r••·

Th• ..... ., nu.b.r, 111, r•tl•ct• adtu•t••nU to •11,.ln•t• th• lollowln9 lJP•• ol tr•n••etlon•1 11) t traneectlon•

r•port•d und•r 9.ctlon lctt6t and 141 traneactlone ••ro•t•d und•r S•etlon letllt ltran••etlon• lnwol•ln9 cert,tn

r•qulatl'd lndu•trl•• and financial hualn•9•••tt t1t 1J tran••ctlon9 which w•r• follow•d br ••parate notllt-...lonl for

onr or ...,,. a"<tltlonal traneactlona t..tv••n th• ..... partlr11 dorlnq 1911 t•uch tran11actlon• are ll•\•d here .... ,_ •ln,1•

cnnaoll.tat•d h•n••ctlontt 41 tr•n•aetlon• found to b• non~u·rortahht f41 l lne09('ht• tcaneaetlon fonlr OM partr to

the tr•n11actlon fllect • c09tplhnt nntlflcatlonf and f'\f t 11rron1l.arr acquhltlona Ulhd purau•nt to &action 101..IU

f•lltt) r•rort•A •• • r••ult of r•pnrtahlr. rrl,.ary tran••ctlnn•. Th• tahl•

not howew•r, ••elude ID c~p•tln9

off•r• or lO •ultlpl•-p•rty tr•n•ectlone ftr111n1uctlonn ln..,olvlnq two ot IMHe acqulrln'I or acquired ,..r•onaJ,

do••

11

y

P•rc•nt•q• of tr•n•actlOf\ ran9• 9roup,

~-··••

••Y ~ot add to tot•l dut to roundlnq,

tAnU:

A<"Oll I!' 11' I mm ny

~ 17.f:

'

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II" 11t11u I "t I v,. I

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41.1

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91.1

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20

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47.1

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20.4

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111

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tT{; lil~- .!_~~~

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than '5

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111. 1

!/. 1911

40.9

l

lJ

1lh. •I•• of treneeetlon le ha•.d on th• aqqr•q•t• total alM"lunt of •otln9 ••curltl•• and ae•et• to be h•ld by the

y

rturlrMJ c•1•ftt11r , . . , 1912, 11•4 traneectlon• .,.,. rPpott•d undf'r th• "•rt-9cott-~odlno pre•erqer notlflcatlQft.IH09f••·

Th• 11 .. alJH nU91bttr, 11J, r•flect• adju11t"'•nt• to ell111lnat• th .. follovlnq typ•• of tr•n••ctlone1 llt

t uen~tlone

Hf)()rt•" und•r l'ectlon let f6t and 141 tran!'lactlnn• r.portf'd umtu s .. ctlon lcl tit ftran11.1ctlone ln"ohln• cutaln

, .. qulat,.,. lnctu11trle• and flnftnclal buelnf'!'l"•!'ltf

Ill

21 tran,.actlon11 which vr1e follow•d by separate notUlcetlonl for

nn• nr .._,,,. a~dltlona1 trana•ctlona ~tvP•n th•,. ... ,. pattlP!'I cturlnq 1982 Cauch traneactCona •r• llated her••• a ain~a•

con1101ld11t•d tran1HctlonJ r 41 tr•n,.•ctlone found to bf' non-rPportfthl•t

141 I lnc~ril•tf' traneactlon fonly one party to

lhf' tran,.actlnn rthd a rnt11plhnt nntlflcatlonl and

l'\I

'flrcnn•lary •c-iulsltlon11 llHf'.t 11ut11uant to Section IOa,JU

t11H4H ff'J>Ott•d aa • r•1rnlt of r•port,.hlP prh11uy ''""""rtlon,., Th .. t .. 1i1 .. ·do,.n not howevf'r, ••clud~ ao c.,...v•tanCJ

offPr• or 10 •ultlple-party tran•actlon1t ttran1... ctlon1t lnvolvlnq tvo or 111ure an1utrlnq 01 acqulr•t.I f>("r•oneJ.

acqulrl"4 ,,.raon •• • r•ault of th~ tranflactlon and la t1tkPn lro• the ••apuna• to It•• lCcl of the pre•er9e1

notification and report for•.

""'"'

n•tall ••Y not add to total due to roundlnq,

TAAl.F.

TftAH~AM IO~

"r •~_!1_1u:-t I on fl An~

I NVOl.V I Nr. THF. r.RANT I Nr. or CLt.AAANCF. RY

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burlnq ca1•"4f•r ye1r 1•12, 1144 tran••ctlon• wf"rr r•portrd undrr thf! Mart-Scott-Rodino pr••f!rq•t notllleatlott pto,raa.

1'hf! 1t111•ll.r nu•IM>r, 11J, r•fl•ct• •d)u!llt•rntlt to rlhdnatr thr lollovfnq typto11 o( tune11ctlon91 flt t t(l~ctton•

rrpnrt•d unctrr 9rctlon (ctf6t end 141 trAn11ar.tlon!I rrportf"d undrt S•ctlon lcJ Cll ftranaectlon••ln•ol•lft9 Cf'llaln

1'•<1ulat•cf lnciu11trlr11 and financial h11!\lnf"ll!IP!ll f

UJ

ll t ran!l.lt:t lone which Vf"I• lollov"d by 8f!flH•t• notltlc•tlon• rot

onr or "'Of. a<1~1tlonel tran1t11ctlnn• hrtwrrn thP ""'"'" rArtlf"ll rl11tlnq l91l lt1uch tran11actlone er• llat•d h•r• ea A alnqt•

con11oll<111t•cf tran11acthintJ 41 tran1111ctl"n•• founct lo hf. non-rf'l'o•t••••l•t

14J

I fnrn1111tf•t• tren11actlon fonl)' on• party to

th• tran111u:tlon fllplf • CfWllJlll•nt notlflcittlnnl and f'H

' , . .. rnn1t.ry ar:qul!tltlon11 11114".t pursuant to S•ctlon 1101.JO

....... '""°'t"" "" "rr1111tt of rrport.lhlr r""'"'Y tr•n~uctlnn11. Tfif' '""'" dn"" not how"v"'• ••clud• JO COlll(>4ttln9

nffrr•·or 70 m1ultlplr-part1 tran11actlon1t ttrannActlon!I involvinq two or l'IOff' •c•1ultlnq or acqUift'd fH• 0 tt•f.

0

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Th .. •111•11H nu•tH-r, 71J, rf'fl~ct11 11dtu1tt111rnt11 to f'll111lnatr tt.r followin<J lYfJ"" of tran1uctior1111 Of

t uaneactlon•

'"f'OrtNI und•r P:•ctlon Cct C6t and Hit tr11n1111rt lon11 rrpnrtr<f un•ft·r 5f'ctlon tel Cit Ctran1111ctlon11 lnwohJntf..O.rtaln

r•riohtr.t lnrtuatrlf'1t and ftn1tnclal b1111lnr!l!tf''lll

f1J

1J ttan!uctlnnft which""'" fnllowf'd by ll~parat• no(ltlc•tlon• for

onr or ''''lfP t1tMltlon11I tran,.11ctlnn11 hrtvrrn thr """'" p11rtl•!1 •••uln'} l'flll f!luch trannacttona arf' llat~d h~r• • • a •lnfll•

rnnftn11i1atrc1 \ran10ftctlnn•1

t1an1utrt lnnfll fmin<l tn .,,. nnn-rr1u1rt11hl"J

C41

I lnco111plt't4' tran1tactlon fonlf on• party to

thr """"•ct km fllf'd A cnt1tpll1tnt nnllrt1·11Unnl """

I'd

'!':r1·nn•l111y •ct4ul!tltlon11 lf&lrd purAuant to S•ctlon -Ul.JU

l1t)U)) r•portrtt ""a rr1111lt ol rrpnrt.lhl .. ptl1111tty tr.ln•urtlnnn, 'Tit .. 1 .. i.1 .. rlor!I not howf'Yf'I, f'•clud4!' 10 coe~tlnq

nff•r11 or 70 lftultlpl•-r1uty t111n111actlonn ft1.1nr..ictlon'I lnvnlvin•f two or"''"" 11cc1ulrlnq or acquired p .. raon•t.

•t

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u-~-.

P•rcrntaq~"

nrt11ll ... ,

•1110 apprar tn T~ntr. 1.

not .,, ... to total dup to roundlnq.

tAnl.

M'OUI~ ITION~

hY fH:rmrflNG 1'HRf.SHOLO,

rlrftr~nr ..

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ff'J>Oftf'd undtr th• ff•rt-~cott-~odlno pr•111•rq•r notification proqr••·

""" 11111•ll•r nu•bfor, 111, r•fl•ct• •d)u .. 1111.,nt" to f'll111ln11tP thf' follnvln'f typ .. 11 of trant1•ction111 llf

9 t1an11actton•

r•port•d undH S•ctlon lcH'I and 141 tt1mn11r.tlon!I uportf'd """"' ~f'ctlun tclUt 1tr11n111ti:tlon11 lnvohlnCJ cut•ln

rpqulatf'd ln,,murlf'• and fln11nclal hu11lnf'!'l'lf't1f1

111 11 tran!'lftctlnn!I .. hlch .,,.,. followpcl hr ••PH•t• notlllcatlon• for

onP or Mnfe atfrtltlonal tran11actlon• bf'tWf'f'n thf' Ila- partif't1 .turln•• 19Al tirnch tran!lactlont1 atf' 11.at•d h•re ••a •tn9l•

conaolldat~ tran11•ctlontf 41 tran11actlon11 found to hf' non-rrt'"""'''"'

10

I lncoi11pl•tf' tran11action tonly one patty to

thf' ttanaactlon fllf'ct a c°"ptlant notlflr.1Hlonl aml

f\I

9 Rf'con1l,.,y arqulttltlont1 Cfllf'1I flUlllUant to 8~ctlon 101.JO

fatlOt r•port~ aft• r•1111lt of r•rortithlf' prl11111ry tran<t1trtlc•n11. Th• tahlf' dof'!'I not·how .. vu, ••t:lud• lO C09petln9

offf'r• or 10 •ultlpl•-partr tranflactlon!I ltran~~rtlnn" lnvolvin1 t~o bt ~ore ac4ultlnq or acqulr•d P•r•onet •.

~tall

. .,

not edd to total due to rnundln~.

...

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nurltMt cal•n'ar J••r 1•11, 1144 tr•n1t•ctlon• v•r• rf'port,.d undf'r th• H•rt-Scott-Rodlno pr•••rq•r notlflcatlon pro,r••·

•••tl.r

Th•

nu11bf'r, 111, u·fl•ct• adjut1t111,.nte to C"l1111ln•t• th,. foll~lnq lYit•• ol trannactlon1111 flt

t tranaactlon•

ff"f)Ort..d und.r lh~ctlon fct f61 •n<I JUI trAntt11ctlnn1 tC"por tf'..t un.-ff"t !->,.ctlnn let Cit ftran11111etlon11 lnvohlftCJ"'"t:artaln

r .. q11111tC"c'I ln.,u11trlC"1t and financial bu"lnf"!lllf"llfl

lit

11 trann.tc:tlon11 which w•1• lollrnft'rl by 11eparate nottlic•tlon• for

nn .. or llKlr• acirtttlnnal trannActlona h,.tw,.,.n th,. ""-. fl-"tl"" durlnq UllJ Ceueh trannactlon• •r• ltat•d her• •• a aan91•

r:n .. 11otl.tAtf"d trann11ctlnnlt U tran11artlnnn fnun•I 10 t... non-rc•1001tat.1 .. ,

CO

I lnco1111•lf"t• tran11aetlon lontr

p•rty to

th,. t.r11n1uu:tlon fllf"if a r.~pllant nntlflr.111tlonl An..t

f~I

• ""conduy •cquhltlon11 tlllf'd pureuant to 8•ctlon .. Ot.JU

hllOI ff"J>Oftf"d a11 • ff'llUlt of rt'port111hlf" prl1111111y h•n'lllr.l lnnn. ,.h" tal•lf!' dnr1 not hovt"Vt'r, ••elude 10 c011pt!tin9

Offf'tl 01 10 •ultlp1C"-party tran11actlon11 tt1an~11cllon1t lnvnlvlnq two Of 111or• ac•1ua1 lnq Of ICQUlltd pcreonal.

on•

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'fkl11 catf"qnry la co.po""" of > 'M'vlr for111f"d •r•111lrlnq ""'"""" who11• a!l!'lf't!'I co11ld not t>t' accurat•IY d•t•r•ln•d h•••d on

ltllh•lttf".t .tocu•,.ntflt 1 11r.q11lrlnq ln.-1lvlrluill11, nf"lth,., nf wh~ Plf"l•att' r•rnon.tl hAlance 11hf'f'tt11 and l for••9n •c4ulrtlllj

P"'"on w\\h no U, ~. a9 11 ,.tn,

tAnt.r. \

TRMl~Af'TION~ AY f.AU:s or M'OlllRING rr.nsm•~.

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nurlrHI e•l•nd•r rear 1911, 1144 traneectlon• w•r• ft'portrd undt>r th• ft•rt-Scntt-Rodlno prf'•t>rq•r notlfleatlon pr09r••·

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t tre,,.......lon•

r.pnrtrtf untfrr flrctlon let 16t and )49 tran!t11ctlon!t rrportrd tlhdPr ~rctlon let flt ttraneactlon11 ht¥olwln9 c•rt•in

ff'llUhtr<f ln«fuetrlr• ancf financial hut1fnr"!trflll

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1J tfall!tACtlnnfl which Vf'fl' followrd by •f'paret4! notl(lcatlOfte for

nnf' Of lltflff' •ddltlnnal lrAnll•ctlonA bt>tv .. rn thl' ••....- P1'rtlr!t 1lurlnq 1982 Cauch tranaactlon• art' llatt'd h•r• ••a atn9l•

cn"11ntlt1•t•tt tian11actlonlr 41 tran1tac\lnn" found tn hr non-tl'fHHl,.l•lrt

f4t

I lncoMpll'll' tran11actlon fonlr one party to

th• tranfl11ctlon fltrd • rn111pllant notlllcatlonf Antf

f'JI '~rctm.t .. •v •c•cul11ltlon11 tlltrd pu111u•nt to B•cthm llOLJO

l11tt0f rrport•" alt a ff'fl11lt of rrport11blr f>rl,.11ry tran11actlnne.

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offrra or 10 •ultlplt>-party lfan1111ctlon• ftranttactlonfl lnvolvlnq tvo or MQf4! ac~ulrlnq or acqulrrd pl'flOftll.

lj

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ror thirty-fl•• or th••• tran1actlon1t, th• ••lu• of th• 111111•t• of th• •nttty tH-lnq acqulr•d I• not •••llablt.

or •tb)

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, .. ,,..,, ...,, un"n A•ctlon fct f6t and JU tr1tn1.. ctlon!t ff'(>Ortf'd und•r s .. ctlon let Ill Hran111tctlon11 ,ln•ohl1t9 cetuln

r .. rtu1at .. c' ln"utttrlf'll and flnAnchl hm1fn.,,,.".,"''

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thr trAn1utr:tlon 111 .. d a c0111plhnt notlflc1ttlont end

(';J

'11rcond1uy •f::'quhltlon11 Cfll•d pur11uant to 8•ctlon 10&.JCJ

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nff•r• or 70 11111ltlple-party tran11actlon11 ftr11n111actlon11 lnvol•lnq two or •ore acqultln9 or •cqulred per1on1J,

•··~•~rtlon

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Durlrwt e•l•nl1r Y••r 1981, lt4f tran••ctlon1t ... , .. r•rort•d unrt•r th• "•rt•ftC(Jtt-•odlno p, . . . ,,., notlfle1tliti.,ra,r••·

Th• t1••1111r ,n,._hf"r, 'flJ, r•fh•ct• •rtju .. t111rnt1t to •llialn•t" th11 follnwln«J tff"'• of tr•n1uctlon•1 •Clf t tr•tft11Ctlona

r11rnrt•i'I ""-''"' Rf'ctlon let lfit and Hit tran .. 1u:-tlon1t tPpottPd undPt ~11ctlon let llt ftran1t11ctlon• ln•ol•l'"I c.,t•ln

tPrtU)flt"i'I lnt1u,.trl .. 1t eni'I fln1tncl1tf t>U1tfn111t .. P9ff 11t 1J ttAl'tlUCtlon9 which Vf"tl" followf'd by ltf'parat• notlflcatJOf,. lof

on• or ""°'" artrtltlon•I tranftactlonw h•twP11n th11 tlft"'f' P"''''"" durlnq 19ftl l•uch tr•n1tectlon• •r• ll•t•d h•r• •• • •ln9l•

cnn11ntl'1•t•" trenl'lar.tlon)J 41 tran1tactlnnl'I found to~ non-rt•rott11hl•1

(41

I lncOt11fll•t• trantt•ctlon fonly on• P•rtr to

th .. tran.'uactlnn f l t . i t • cOMrtl•nt notltlc111tlnnt •n•t t~t • l'IPcnmfllff •cquhltlone tfllf'd puuu•nt to ll•ctlon tOl.JO

l•)t~)l 1•port•~ •• • t• .. ult of r•port1thl• prl111arr ttan1t111ctlon11.

Th• tabl11 do•lt not hov••••• 11•clud• 10 c~,,.tln9

~''"'"or 10 111ultl~1•·partf tran1t•ctlon1t ttran1t•ctlona tnvolvlnq tvo or lllQr• acqulrlnq or •cqulr•d p•r•on•J.

.. I

~renftft~tlott~ In thl• ~"t"ctntf •r• r•pr•11•nt•d by th~ •~qul•ltlon of n.wtr ror-.d corporetlon• or corporate jotnt

--·-- ~-v• h .... n qpnPret•d a"d thP •rqulRltlon of ••R•t• which had produc•d no ••I•• or r•••nu••·

't~nu:

INflll~TPY

(;potn>

11

or ll.COlllPIHr. PF:fff,ON,

l'J82

---------~ ~rqo_I .!~. h•l. !'_,....!_ ll~>_!l.;___-.,,..---.-.,,.----r: t,. ,., ,,,., ." Gl·'"'"d

Sf"cond Rf"«fU~•H•

ff11111hf't

ll

ftltu•lnou• Coat ent1 Llqnlt~ Hlnlnq

2

Oil

JO

r.ee P.•tr•ctlon

an~

y

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f't('

• ·1·1·

01

1111.I

110.;·-1 .. t'aT

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fTC

iiuj--

Total

l

l

l

Mlnlnq and Ouerrylnq nf Non•~l•lllc

"'"~rate, P.•c~pt Fu~lft

Rull~lnq ronetructlnn-r.~n"rel

en~

l

l

Contractor•

Oflt'ratl•,. ftulldf'r&

than ftul1t1fnq

Con•tructlon-G•n•r•I Contr•ctor•

rnnfttructtnn nthf'r

10

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1

tu.tHi>r •ftt'f W0011 Prrwfuct ",

r.1c~pt

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fc:ont I nuf'd)

IMOllSTRY r.Rntlr llf ArottlPING rr.PSON,

... 12

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Arqu ~-!J !'!L!'_•'..:"!1"

Clr,11.1n1·r 1;1,1nlf'tl

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Frt•

10

11

rh••lc•1• •nd Alll•d Product•

JI

1

1•

P•trol•tn1 R•flnlnq •nd R•l•t•d lndu11tr I f'll

Ill

•

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Juh.,.r •nd Ml•c. Pl••tlc• Product"

n

fl ton•,

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Prl•HY M•hl tndu11tr I u

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Pahrfr.at•c1 "'"tat PrC'M1uct11, P.•c•pt M8ch I nf'f y

and Tran11port•tlon P.qUlp!llf'nt

10

l

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Machln•ry, P.•c•pt El•ctrlcal

u

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1n•ctrle•I and P.l•ctronlc M•chln.ry,

F.qUfp!'lf'nl •n.t flUflfl I I f'll

.

1

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Clay, Cla1t•, •nd Concr•t• Prnduct11

Tr•n•port•tlon P.quffllll•nt

.....

and Controlllnq

" ln11tru••nttt1

,....,. An•1ytlnq

Phntoqr11phlc, Mr.tlr11l

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HfOtlS'l'flY r.11our 01' ~f'QllffllMf: Pr.Jt~ON,

.,

.,.

Ml•c•11en•oua Hanufacturlnq lndutttrl••

~•llro•d TranttPort•tlon

Motor Pr•lqht Tran•portetlnn

And Narrhou•lnq

'

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W•t•r Tr•n•portatlon

1

Trenaportatlnn hy Air

4

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r0111111un lea t I on

P.IPCtrlc, Cea,

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8upply end "nhll•

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n•ft•r•I M•rchendl•• ~tor••

II

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f.f'r•tc• RtatlnnA

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INOU!;TRY C.llOIJP

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or AfOlll fllHG rr.fl!:OH,

1982

y

!atlnq •nd Orln~lnq Pl•c~•

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~l•ce11aneoue ~~t•ll

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17

ff~curlty

and r.o~lty ftro~PrR,

P.•rhftnQ~ft, and S~rvlc~ft

r.al~fR,

lnRurane•

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Note1e, ~OOlllnq "ouw~•, Ca•p1, and

other Lorlqlnq Plar~R

ftu•ln••• RPr•lr~•

J

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INOllSTAY

r.rmur or A("OtllfllNr. l'f.fl!>OH, U&l

Ar.q•! t!J.~L!-~r !'Ion

Cl r.u ,1111:.- t;r Ant ,.,9

'tu

rn· Of llOJ

H\·- i1c~"f ~'!.·~°I

kutniMtlv• R•r• I r • ~•rvlr.r,., and r.111 ltfl•lt

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ftotlon Plcturr11"

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ftulth ftHvlc•1t

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2-ntqlt RIC

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Dl••r•IPlrd Co.panl@•

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I nu•d --

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56

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cod•• er•Cle1t1tlflc•tlon

part of the •f1tt•• of St•ndard lnd11,.trl•l Cle1t1tlflcatlon •1ttabll•h•d by the U.S. Co••rn..nt,

M1tn111tl, 1•12, r.1rcut lvr Olllce of

P1•,.ld•nt fie• of M•neqe••nt and huo9et.

~tandar~ tn~u•trl•l

th•

Of

Thr?.U:-qroliplnq1t "";;r1n thh hhl;·-..,;.1-;.- 1t';"t;;·,,.1nrd frOffl rupon1tr11 euh•lttf'd by flllnq partl•• to lte• s of th•

pr•••rqer notlflc•tlon •nd r•port for•.

y

flurlnq r•1•l'Ht•r ,.., t•IJ, 1111 tr•naactlona .,.,. r•port•d under th• H•rt-Scott-ttodlno pr•••r9•r notification proqr••·

Th• .... ll•r nu•b•r, llJ, r•flect• ad)u1tt•enta to rll•lnate th• fnllowlnq type• or tr•n1t•ctlon1t1 Cit t tr•n••ctlone

rf'port•ct '"'dH R•ctlon frtf6t and )48 tr11n1t11ctlon11 ff'J>O•t•d unilt"f Srctlon tctllf ht•nn.actlon• lnwohln9 certain

r•qul•tf'd lnctu•trl•• and financial bu1tlnr1t~••t1 tJt l) tranAactlona which w•r• follovrd by ••p•r•t• notlllc•tlon• for

one or..,,. actdltlon•I tran1tactlon• tw>tw••n th••••• p1trll•A ct111lnq t•tl f•uch tran1111ctlon• •r• ll1tt•d h•r• ••a aan~l•

conwolldat~ tr•n1tactlnnt1 41 tranwactlon1t found to h• non-r•rortahl•1

f4t

l lnco~pl•l• tr•n••ctlon fonlJ on4 party to

th• tran••ctlon fll•d • cm.pll•nt notlflcatlont ~nd ' ' ' '1trr.ondArJ acqulaltlona If ll•d purauant to Section 101.JU

l•tftJt u~port~ alt• ,.,,.ult of r•port•hl• prl•atr tr11nA•ctlon1t. The t.thl• dorR not hov•vu, ••clud• 10 c~un9

off•r• or 70 •ultlpl•-partr tr•n••ctlona ftr•n1tactlon1t lnvolvinq two or M<Jr• •c•1ulrlnq or •cqulred rer•on•I·

11

Tran••ctl0ft9 tnclud..d In thl1t e•t•qory r•rr.,a•nt n•wlr fnr~•d c0111panl•5• COtllpanl•• vlth no U.B. opet•tlonl •nd

~nht

not If lcatlona fl I •rt by Ind Iv I dua h.

h•hl1

••r not add to total du@ to roun,,lnq.

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nurtftll e11etM!er Y••r 1•e1, 1144 tran11actlon• v•r• rt>rort•d und•r th• Mart-Scott-Rodino pre~rq•r notlflc1tlon pr09r••·

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nnf' nr llOJ• -~~ltlonal ttan8ACtlone bf.twf'•n thp 911M• rArtlf'~ rlutlnq 1,91 flluch tran&actlona atP llst•d hete aa a a&nql•

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f4f I lncot11pl•t• tranaactton fonlf one p•rty to

\hf' tran11actlon fll•d a C'Otllpllent notlflcatlonl and

l"tt 'itrron<tary ac•fulltltlonlt Hll•d purauant to 8•ctlon 101.J(J

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y

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••••••

tflF-Mf:ltGP.lt TRANSACT IONS Pl l.f::O ANO ••r.flr.f:A f:NP'OACEHf:N'f ACTIVITY 9 I NC!

TllP. HART-SC4rM'-ROO I HU ANT I TRU!il

,llOVF.H•:HTS "CT hf:C.M..: r.FFECT I VE

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""-•• l191l actlon1 liken by the ,..der1l Trade COllllll••lon end the Depart .. nt of Ju1tlce ••r or ••r not be b••ed Oft

pre. . r9er fl lln9•.

y

Part II con•enl order• con1l•t of eoeplalntl end orderl l••ued •l•ultaneouelf durllH) the lnwe•tl91tlwe 1ta9e of I

•alter. Pert Ill con•ent order• con•l•l of ord8r• l•aued hr cona•nt after • coaplalnt l• laau8d and the ••tt•r 11 In en

adjudlc1tlwe 1tatu•.

y

tnclude1 ~lnl1tr1tlwe C011Pl•lnt1 l11ued In eonjunctlon with pr•ll•ln•rr Injunction •atter•t c09pl1lnt1 l11u.d In Pert

Ill actlon•t but doe• not Include co.plelnt• leaued In conjunction with conaent order• In Part II actlonl.

The pr... rt•r notification rule• went Into effect on Repteat>.r \, ltll. tt.wl1ed rule 16 CP'A I 102.20 went Into •ff~l ··

on teoweaber Jl, ltlt. Thll rule e1pand8d con1lderablr the nuat>.r of tr1n•actlon1 valued at $15 •llllon or 1111 th•t 1r1

•• ..Pl rroe reportln9 requlr• .. nte.

Coneent .. , ....nt1

~

h••• been eotanted ln the r••r In which the Btlpuletlon vea.fll~ with th• court.

·-·

The••

fl . . r•• &t ftOl lttelttde tranaactlonl thet

either abandoned or re1tructuritd to •ll•ln1t"'- a compet6tlil,. owerlep

ln re•pon•• to an 1nnouncel9ent hr th• Dep•rt1Mnt of •n lnl•ntlon to fll• 1ult to block the tranaactlon. Th• Dep.artaent

~r•

or Ju•tlce 1t1rt1d to k••P track of the•e •ltuatlon• In l,92 •nd report'd flwe In the 1912 ennu•l report end four In th•

l 91) annual 1.epo1 t.

llourcet

or

llecond thr.,..,h .... nth Ann••l .. port• to ~On<Jr••• ~t•uant tn B1ctlftft 101

tht n1rt-Dcott-f!Odlno An~ikr••~

laprow1.. nt1 ~t or 1916 and enforce-.nt •q•ncy data. The f lqure• In thl• t1hle are dlffer•nt than the fl9ure•

vhlch •PIM!•r•d In Table II of the Co••l••lon'w '''2 Fed•r•l flPql•ter Notice r~que9tlnq co_.•nt• on burdeA

r••luc\lon. Th• dlff•rence I• prlaarllr attrlhutahle to an l•prov•d record •e•plnq •y~t•• that ha• re•ult~ In aore

accur•t• end C0!9JJl•le lnforaatlon. In ldclltlon, a' noted p1evlou11ly, th• Federal Traci• Ca-l1t•lon'• conaent order•

h~v• h'""" ••rarAlf'd Into two nP.w catP1orl"'.fl In thl! tabl•. Orpart•~nt of Ju9tlce data com•! froca record• kept In

lhe ~ntitruflt Oivlnlon'fl Offlcf' of OprratioliA.