Pilgrim’s Pride Corp., a major broiler chicken producer based in Greeley, Colo., has pleaded guilty to price fixing and bid rigging, and has been sentenced to pay approximately $107 million in criminal fines for its…
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Former President Trump signed into law the Criminal Antitrust Anti-Retaliation Act of 2019 on December 23, 2020. The law prohibits employers from retaliating against employees who provide information to a superior
Summary
Today, the U.S. antitrust agencies announced a temporary suspension of the long-time practice of granting “early termination” of required premerger waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act (the “HSR Act”).
Historically, the agencies have granted early termination of the premerger waiting periods for transactions with no significant antitrust concerns. The Federal Trade Commission and U.S. Department of Justice Antitrust Division advised in a joint press release that they will be reviewing the early termination procedures and process, and no early terminations will be granted pending the completion of their review. Reasons cited for the temporary suspension and review included the transition to a new administration, high volumes of merger filings received to date in 2021, and the ongoing pandemic. The agencies employed a similar temporary suspension of early termination grants during March 2020, when they first implemented their tempora
Key Points
Federal Trade Commission (FTC) and Department of Justice Antitrust Division (DOJ) have temporarily suspended discretionary grants of early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976
The HSR Act requires parties that meet certain transaction size and other tests to file premerger notification forms with both the FTC and DOJ and observe the required waiting period prior to consummating the transaction.
This follows the announcement earlier this week that the HSR minimum transaction size test has decreased from $94 million to $92 million. The new size thresholds will apply to transactions consummated on or after March 4, 2021.