Showing posts with label PREMERGER NOTIFICATION REQUIREMENTS. Show all posts
Showing posts with label PREMERGER NOTIFICATION REQUIREMENTS. Show all posts

Wednesday, August 20, 2014

BERKSHIRE HATHAWAY WILL PAY $896,000 PENALTY FOR VIOLATING PREMERGER RULES

FROM:  U.S. JUSTICE DEPARTMENT 
Wednesday, August 20, 2014
Berkshire Hathaway to Pay $896,000 Civil Penalty for Violating Antitrust Premerger Notification Requirements
Violation Occurred When Berkshire Hathaway Acquired Voting Securities of USG Corporation

Berkshire Hathaway Inc. has agreed to pay an $896,000 civil penalty to settle charges that it violated premerger reporting and waiting requirements when it acquired voting securities of USG Corp., the Department of Justice announced today.

The Justice Department’s Antitrust Division, at the request of the Federal Trade Commission, filed a civil antitrust lawsuit today in U.S. District Court in Washington, D.C., against Berkshire Hathaway for violating the notification requirements of the Hart-Scott-Rodino (HSR) Act of 1976.   At the same time, the department filed a proposed settlement that, if approved by the court, will settle the charges.

Berkshire Hathaway is a Delaware corporation with its headquarters in Omaha, Nebraska.   As a result of its acquisition of USG voting securities in December 2013, Berkshire Hathaway held approximately 28 percent of USG voting securities, valued at more than $950 million.    

USG is a Delaware corporation with its headquarters in Chicago, Illinois.

The HSR Act of 1976, an amendment to the Clayton Act, imposes notification and waiting period requirements for transactions meeting certain size thresholds so that they can undergo premerger antitrust review.

Federal courts can assess civil penalties for premerger notification violations under the HSR Act in lawsuits brought by the Department of Justice.   For a party in violation of the HSR Act the maximum civil penalty is $16,000 a day.

Search This Blog

Translate

White House.gov Press Office Feed