Merger Limitation Act of 1987

Summary

Merger Limitation Act of 1987 - Amends the Clayton Act to prohibit a person from acquiring more than ten percent of the stock or assets of another person which had, in the calendar year preceding such acquisition, assets or gross sales exceeding $1,000,000,000 unless the acquiring person receives a certificate with respect to such acquisition. Revises premerger notification requirements to include a list identifying each community in which the person to be acquired employs 500 or more individuals and a list identifying each certified representative of 1,000 or more employees of the person to be acquired. Requires the Assistant Attorney General or the Federal Trade Commission (FTC), not later than five business days after receiving premerger notification or a request for the issuance of a certificate, to determine whether such certificate is required. Requires such determination to identify the acquiring person and person whose stock or assets are to be acquired. Prescribes publication requirements for certificate issuance. Requires the burden of persuading the Assistant Attorney General or the FTC to issue the certificate to be on the proponents of the acquisition. Requires issuance of such certificate if the proponents of the acquisition establish that such acquisition: (1) will not substantially lessen competition; (2) will create long-range efficiencies (not including advertising or brand name differentiation efficiencies) in the product or service and geographical markets in which the person to be acquired competes; (3) will benefit U.S. consumers of such products or services; and (4) will benefit employees of the person to be acquired and interested community parties. Requires specified factors to be considered when determining whether to issue an acquisition certificate. Creates a private right of action for compensatory and punitive damages for certain breaches of commitments filed with the Assistant Attorney General or the FTC by the acquiring person.

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1 official file

• Introduced in House

  summary · EN · 4 August 1987

  Open at official source

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