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Friday, March 29, 2024 | Back issues
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Ron Perelman Outfit Settles Antitrust Charges

WASHINGTON (CN) - MacAndrews & Forbes Holdings Inc., a holding company wholly owned by billionaire tycoon Ronald Perelman, will pay $720,000 to settle new antitrust charges.

The charges stem from transactions in 2012 when MacAndrews & Forbes acquired voting securities of Scientific Games, a provider of lottery and gaming services. Both companies are based in New York.

In a complaint filed Thursday, which the New York-based company settled the same day, the Justice Department accused MacAndrews & Forbes of violating premerger reporting and waiting requirements in the maneuvers.

Such actions are proscribed by the Hart-Scott-Rodino Act of 1976, according to a complaint.

The 2012 acquisitions gave MacAndrews & Forbes at least $68.2 million in Scientific Games voting securities, which is the reporting threshold under the statute.

"Although certain stock acquisitions relating to a previous HSR Act notification are exempt from additional notice and waiting requirements, MacAndrews & Forbes' June 2012 acquisitions of Scientific Games voting securities fell outside of the five-year time period for that exemption," the Justice Department said in a statement.

"The Hart-Scott-Rodino Act of 1976, an amendment to the Clayton Act, imposes notification and waiting period requirements on individuals and companies over a certain size before they consummate acquisitions resulting in holding stock or assets above a certain value, which was $68.2 million in 2012 and is currently $70.9 million."

In addition to a final judgment, and motion to enter that order, the parties also filed a stipulation.

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