legislation: 100-s-1068
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| 100-s-1068 | 100 | s | 1068 | A bill to amend the Clayton Act regarding interlocking directorates and officers. | Commerce | 1987-04-22 | 1987-08-06 | Referred to Subcommittee on Monopolies and Commercial Law. | Senate | Sen. Metzenbaum, Howard M. [D-OH] | OH | D | M000678 | 1 | (Measure passed Senate, amended) Amends the Clayton Act to prohibit any person from serving as a director or officer (currently, director only) of any two corporations if each (currently, any) of such corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently, $1,000,000). Establishes exceptions to such interlocking directorate and officer prohibition where: (1) the aggregate competitive sales of either corporation are less than $1,000,000; (2) the aggregate competitive sales of either corporation are less than one percent of that corporation's total sales; or (3) the aggregate competitive sales of each corporation are less than four percent of that corporation's total sales. Increases or decreases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase or decrease in the gross national product for the preceding fiscal year. Provides that a director or officer shall not be deemed ineligible under the provisions of this Act until the expiration of one year from the date the ineligibility occurred, or, if practical, the next election of directors, whichever occurs first. Includes, for purposes of determining the applicability of premerger notification and waiting period requirements, in the annual net sales and total assets of a partnership the annual net sales or total assets of any general partner and any partner having the right to 50 percent or more of the profits of the partnership, or having the right in the event of dissolution to 50 percent or more of the assets of the partnership. Revises the premerger notification and waiting period requirements under the Act. Applies such requirements to proposed mergers where the total assets or annual net sales of the smaller of the acquiring party or the target party equal or exceed $15,000,000 (currently, $10,000,000) and the aggregate amount of voting securities and assets of the target party that the acquiring party would hold exceeds $20,000,000 (currently, $15,000,000). Increases to 20 days (currently, 15 days) the waiting period following notification of a proposed merger in the case of a cash tender offer. Eliminates the ten-day extension on such waiting period (and thus permits a 20-day extension) with respect to proposed mergers involving cash tender offers. Permits the U.S. district court to extend such waiting period up to an additional 25 days if, due to the complexity or scope of the information to be evaluated, the Federal Trade Commission or the Assistant Attorney General requires such additional time to determine whether the proposed merger may violate the antitrust laws. | 2026-01-07T14:11:22Z | https://www.congress.gov/bill/100th-congress/senate-bill/1068 |