November 14, 2012
Antitrust Surprise: FTC Challenges $15 Million Merger Consummated in 2007
Here’s news from this Akin Gump alert: In a stark reminder that non-HSR-reportable transactions are fully subject to the antitrust laws–even after they have closed–the FTC, on October 12, 2012, filed a complaint and accompanying consent agreement attacking Magnesium Elektron North America, Inc.’s (MEL) 2007 acquisition of competitor Revere Graphics Worldwide, Inc. The $15 million acquisition was too small to be reportable under the Hart-Scott-Rodino Premerger Notification Act of 1976, as amended (“HSR Act”). While the government’s antitrust authority to challenge already-consummated transactions is unquestioned, it is very unusual for the FTC (or the Justice Department Antitrust Division) to reach back this far in time.