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

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- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

\

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 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;

-

Tt:rtc

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:inere 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 R9ry 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"WtpeCINI ~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!'rmca. 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

=•

=

v.s..c.

,.o...~,....,.a..

'°'
0

!&..,,

"'

...a.
"~

,..

'...1.
ij

-

.,

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• Meriod 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
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

-,.. .
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'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)'-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 beC-.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"Sec,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'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••

.,. 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 aCl"SO.Q.I tr,- T\l"'tU of
I I:':.~ cJ\lJ(w}. T'cr aci;uia!ucm erol"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.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:ltpo.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'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:UWec
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 Nc ~ 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' ::.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'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'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 ~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'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.ia.l ao d.u.i.,nawd
"DOI Joc:.at..c 1%) thia cowitry. TM MW
wbW'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~ »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"1o-..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"0..1

"""'""'' ,,.,_,

rT1·

9)

n.o

1'14

n.6

I)

I J

tf'fle than '10

41'

lit

Lf'1t1t th•n 100

,,.

61.6

...... e th•n 150

11'

r.u

•i-c -

.,
..,,

l.•

•••

1.1

11.t

10

U.7

21.1

H.!l

u

lJ

Jl.l

JI.I

H.1

70.1

lll

lJ

u.•

ll.O

11.I

JI. 4

n.o

111

15

42.t- 15.l

11.I

4J. I

J2. II

15.9

19

15

u.• 15.1

II.I

41.9

H.I

H. 7

20

16

41.1

JI. l

H.1

''·'
"i9. I

40.t

91.1

21

20

50.0

47.1

t1.I

40.9

100.0

22

20

52.t

n.1

100.t

9.5

19.0

2

)

]ft

20.4

19.0

1'. 4

1

11

n.11

:n.o

U.1

40 .

... ,

29. z

01

91.1

..... e than '100

111

'1

L•t1e then 1000

?OI

''·'
".)

l ft

..,,

~" .,.ran1tact lon1t

11)

100.0

Ill

..,,,

....
4)

.,

Total tht.,IJf' I of
S•cond MP.~U4'tU •
tT{; lil~- .!_~~~

1.•

' ..,

than JO ft

'il

Hu•h•I'

n..=-----!l(~

l.9

,,.

..,,

1111.i--1-1rrid:

ol

ff'I CP.nl -''JP.

2.9

Lf'fle then 7fUJ

.......

.........anOtt•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

than n

,,

UP

to

UP

to ~o

~lr~rAncr

Tot A I ' Nott1hrr of

FTC

,,
,,

ACF.NCI, Ull

Clf!•rt1nr• r.r•ntrd
~~~~~rnr_y~~

I 't H f I J f Onlt f

......

I If

))

·~

~'

.ff!TAL

•
•

•

Grant•d •~ • Pt!rc•ntage oft

-- ... ·;:; ;,;;1..~--· foll... In

•:."'c·h Tr "'"""ct I on

_!1 -.nn'.1_1·t I ~·n~. _!/_

_!'·'!''.l,;_,;,_!"'P ]_/__

rf('

FTC

flO,I

TfYT .1\1,

0.5

0.1

00.I

..

TO'TAL

)

t.J

-

'

Tot• I Muabu ot
__f!!~rancf!a Grant~d

NC

OQJ

~

2.9

2.t
U.l

lt.•

u

I."

I. J

J.I

It. I

5.6

IJ. 7

9.5

l}

2t

1. I

I.I

J.•

I.I

l.O

15.1

10.t

'·'
9.5

15. J

1.0

JJ.t

5.1

2.l

1.J

....

11\0 UD tn 100

21

11

)J

1.•

I. "i

4.5

I 'L I

1.•

1nn up to no

1

J

••

1.0

0.4

I..

11.1

1.J

0. I

0.4

0.,

s.o.

IS.O

10.0

0.1

J.l

J.t

o.)

o.)

0.6

11. I

11. I

2J. 1

l. 5

J. 5

2.t

u

I. I

0.6

1.1

J1. 0

u.o

u.o

5.9

2.9

1

J..,

•••

11

I. 0

2.5

41.)

.16.t

5.1

U.l

,,

)

0,4

•••

60.0

"·'
H.O

9.0

I J1

11. 4

n.1

11. 4

It. J

St.l

111\0

up to 700

, ,
•

700 up tn 100
)fU) up

to ~no

11\00 up

to 1000

I

11

tnon anct up
AH

y

•
•

J

J

rt•Arancf"fl

11

1.•

2.2

2.2
40.9

JOO.I

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'•4ttln9
nffrr•·or 70 m1ultlplr-part1 tran11actlon1t ttrannActlon!I involvinq two or l'IOff' •c•1ultlnq or acqUift'd fH• 0 tt•f.
0

J.J

1.9

u.o

P~rr.•ntlqf"e •l~n

•PP••r In ?Aftt.r. J.
•- •~•••

~u~

\o

roundlnq.

,,..,

t""'. ."

TJ!AN-1 .

Tlrf M.

O. I

O. I

f)O.I

TOT"L

I. I

I. I

OOJ

TC11'AL

1.C

J.•

to 1'1

1

1

•

fl.)

0.)

o.,

I. 2

I. 2

2.S

•••

•••

'I\ UP tn 1\0

"i

1

12

0.7

I .0

1.1

1.1

) • tt

' . '1

l l. t

U.l

21.6

•

l

II

I.)

·O. J

I. s

6.S

I..

11..

•••

16.J

J

o. J

o. I

o.•

.... 1.•

l.t
.1. J

f.I

1.4

1.1

0.)

0.1

IO.O

ao.o

4. I

•••

111 up

~n

to JnO

UP

tno up to 1"10

l

'"in Ult to 100

2

1no up to 1nn

inn up to ~no

l

"iM up to 1000

•

tnno anil up

"" '9'ran11ectlon•

lJ

2

10

'S.6

S,,

2..

J.t

,

O. I

n. 1

0. I

O.J

4.0

4.0

1.0

1.•

1.4

'1

o. I

O.fi

0.1

J. It

I c;. C

••.J

1.C

9.5

O. I

20.0

20.0

2.4

5.t

J. I

5.t

52.f

0. I
11

o. I

41

J. I

1. tt

2.1

t.s

•••
11.'
J.t

41.&

100.0

0Urlftq caleftdar ffiH UltJ, llU tun11ectlona ,,.,,,. tf'portf'd ttndH th~ lt11tt-Scott-9'odlno pr~11u11tqH notlflcatlM pre>41u•.
Th .. •111•11H nu•tH-r, 71J, rf'fl~ct11 11dtu1tt111rnt11 to f'll111lnatr tt.r followinOftf'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 tranW

Tl~"~

1

}

.}

6.7

10.0

1

l.)

).)

')

1. I

10.6

IJ.I

I

2.l

J.l

1

1.6

r,. I

1.1

4

1. I

HI. J

21..

l.6

l.•

1.1

,,l

•

'

O.t

J.~

•••

19

11

5.t

l~•

t.J

n

20

).1

J.I

~-'

., . 4

••

It

11. l

')')

24

11.0

\6

....,. ,
'·'

'). J

.,

II I

S•concl lt•gu••U h11u•d
l'H t:-;.n,-a'ltt ol
Hu11h•r
A•!i.!.!_!'!ln__.94! C1 ~':.!@.

1]..,

2

')

,,,

9'111

u.•

,_,

)

S.J

2

9.4

7.4

u.•

20.0

10.0

1.•

".2

).

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,.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
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Offf'tl 01 10 •ultlp1C"-party tran11actlon11 tt1an~11cllon1t lnvnlvlnq two Of 111or• ac•1ua1 lnq Of ICQUlltd pcreonal.

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ff'llUhtrtv .. rn thl' ••....- P1'rtlr!t 1lurlnq 1982 Cauch tranaactlon• art' llatt'd h•r• ••a atn9l•
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offrra or 10 •ultlplt>-party lfan1111ctlon• ftranttactlonfl lnvolvlnq tvo or MQf4! ac~ulrlnq or acqulrrd pl'flOftll.

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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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•··~•~rtlon

lnvol••d A n•vly fOfMf'd f'ntlty, which ha~ no a1111•t8 et the tl111e notification W88 fll•d•

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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
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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.

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~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:

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l'J82

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"'"~rate, P.•c~pt Fu~lft

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IMOllSTRY r.Rntlr llf ArottlPING rr.PSON,

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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
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pr•••rqer notlflc•tlon •nd r•port for•.

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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••·
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rf'port•ct '"'dH R•ctlon frtf6t and )48 tr11n1t11ctlon11 ff'J>O•t•d unilt"f Srctlon tctllf ht•nn.actlon• lnwohln9 certain
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f4t
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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 Mll~TllY

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f4f I lncot11pl•t• tranaactton fonlf one p•rty to
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l"tt 'itrron.!._OOJ EnforceMnt lctlon1 !J

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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.

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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.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Aftc%3A70d7465b61c06cdb. Public record. Not legal advice.