Hart-Scott-Rodino Antitrust Procedure Amendments of 1987

Summary

Hart-Scott-Rodino Antitrust Procedure Amendments of 1987 - Amends the Clayton Act to eliminate the 15-day waiting period (and thus require a 30-day waiting period) following notification of a proposed acquisition in the case of a cash tender offer. Requires the 30-day acquisition waiting period to be extended for an additional 30 days (or 60 days if, after the acquisition, the U.S. assets or probable annual U.S. sales of the acquiring person would exceed $1,000,000,000) if the Federal Trade Commission (FTC) or the Attorney General requires submission of additional information or documentary material concerning the proposed acquisition. Extends premerger notification requirements to any situation where any voting securities or assets of a person with annual net sales or total assets of $100,000,000 or more are being acquired by any person with total assets or annual net sales exceeding $1,000,000 (currently, $10,000,000). Includes within the definition of an acquiring person for purposes of such notification and waiting period requirements two or more separate persons acting in concert. Directs the FTC to require that a premerger notification disclose: (1) whether the acquiring person intends to sell or close any facility or to terminate or alter any operation as a result of the acquisition; (2) the number of jobs likely to be lost as a result of such acquisition over each of the subsequent five years; (3) the revenue to government entities likely to be lost over each of the subsequent five years; (4) the aggregate liabilities and equities the acquiring person has before, and is likely to have after, such acquisition; and (5) each asset of the person to be acquired that is likely to be used in any way to obtain credit or financing to carry out the acquisition. Directs the Assistant Attorney General and the FTC to make such economic impact statement available to the public immediately after such a notification is filed.

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1 official file

• Introduced in House

  summary · EN · 8 January 1987

  Open at official source

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