Divestment

FTC Requests Public Comment on Otto Bock HealthCare North America, Inc.’s Application to Approve Divestiture of Assets It Gained through Acquisition of FIH Group Holdings, LLC

Retrieved on: 
Friday, October 9, 2020

In November 2019, upholding an administrative law judges decision, the Commission unanimously found that the merger was anticompetitive, and it ordered the assets unwound.

Key Points: 
  • In November 2019, upholding an administrative law judges decision, the Commission unanimously found that the merger was anticompetitive, and it ordered the assets unwound.
  • According to the divestiture application, Proteor, a French company with U.S. headquarters in Tempe, Arizona, is a well-established and reputable, worldwide manufacturer and supplier of lower-limb prosthetic devices.
  • The divestiture application, along with instructions for filing comments, is available in the Federal Register.
  • After a 30-day public comment period, the Commission will vote on whether to approve the application.

FTC Requests Public Comment on Otto Bock HealthCare North America, Inc.’s Application to Approve Divestiture of Assets It Gained through Acquisition of FIH Group Holdings, LLC

Retrieved on: 
Friday, October 9, 2020

In November 2019, upholding an administrative law judges decision, the Commission unanimously found that the merger was anticompetitive, and it ordered the assets unwound.

Key Points: 
  • In November 2019, upholding an administrative law judges decision, the Commission unanimously found that the merger was anticompetitive, and it ordered the assets unwound.
  • According to the divestiture application, Proteor, a French company with U.S. headquarters in Tempe, Arizona, is a well-established and reputable, worldwide manufacturer and supplier of lower-limb prosthetic devices.
  • The divestiture application, along with instructions for filing comments, is available in the Federal Register.
  • After a 30-day public comment period, the Commission will vote on whether to approve the application.

FTC Approves Final Order Requiring Animal Health Product Suppliers Elanco Animal Health, Inc. and Bayer Animal Health GmbH to Divest Assets in Three Product Markets as a Condition of Acquisition

Retrieved on: 
Friday, September 11, 2020

Following a public comment period, the Federal Trade Commission has approved a final ordersettling charges that animal health products supplier Elanco Animal Health, Inc.s proposed $7.6 billion acquisition of Bayer Animal Health, Inc. would likely be anticompetitive.

Key Points: 
  • Following a public comment period, the Federal Trade Commission has approved a final ordersettling charges that animal health products supplier Elanco Animal Health, Inc.s proposed $7.6 billion acquisition of Bayer Animal Health, Inc. would likely be anticompetitive.
  • The final order requires Elanco to divest its canine otitis externa treatment, Osurnia, to Dechra Limited; its fast-acting oral treatment that kills adult fleas on dogs, Capstar, to PetIQ, LLC; and its brand name cattle pour-on insecticide, StandGuard, to Neogen Corporation.
  • Each divestiture requires Elanco to transfer all intellectual property and other related assets to the respective buyer.
  • The Commission vote to approve the final order was 4-0-1.

FTC Approves Final Order Requiring Animal Health Product Suppliers Elanco Animal Health, Inc. and Bayer Animal Health GmbH to Divest Assets in Three Product Markets as a Condition of Acquisition

Retrieved on: 
Friday, September 11, 2020

Following a public comment period, the Federal Trade Commission has approved a final ordersettling charges that animal health products supplier Elanco Animal Health, Inc.s proposed $7.6 billion acquisition of Bayer Animal Health, Inc. would likely be anticompetitive.

Key Points: 
  • Following a public comment period, the Federal Trade Commission has approved a final ordersettling charges that animal health products supplier Elanco Animal Health, Inc.s proposed $7.6 billion acquisition of Bayer Animal Health, Inc. would likely be anticompetitive.
  • The final order requires Elanco to divest its canine otitis externa treatment, Osurnia, to Dechra Limited; its fast-acting oral treatment that kills adult fleas on dogs, Capstar, to PetIQ, LLC; and its brand name cattle pour-on insecticide, StandGuard, to Neogen Corporation.
  • Each divestiture requires Elanco to transfer all intellectual property and other related assets to the respective buyer.
  • The Commission vote to approve the final order was 4-0-1.

Midwestern BioAg Announces Change in Ownership, Appointment of New CEO

Retrieved on: 
Thursday, September 10, 2020

Birger brings over 20 years of experience involving mergers, acquisition, divestitures and management of operating businesses and joint ventures.

Key Points: 
  • Birger brings over 20 years of experience involving mergers, acquisition, divestitures and management of operating businesses and joint ventures.
  • Business culture and staff engagement are at the core of his successful business leadership for driving strategic growth with meaningful outcomes.
  • Midwestern BioAg was founded in 1983 and its headquarters is located in Blue Mounds, WI.
  • Together we will continue to change farming practices with our proven biological approach, which will preserve soil health for generations to come," said Birger.

Divestment activity poised for rebound as companies look beyond COVID-19

Retrieved on: 
Wednesday, September 9, 2020

Companies actively engaged in divestment deals in the first half of 2020 underperformed the Global Index1 by an average of 11.3 percentage points (pp).

Key Points: 
  • Companies actively engaged in divestment deals in the first half of 2020 underperformed the Global Index1 by an average of 11.3 percentage points (pp).
  • With 292 deals completed in the first half of 2020, overall numbers are down globally compared with the previous six months (315).
  • Current trends driving divestment activity may accelerate, and many organizations will soon find themselves without the luxury of choice, said Smithson.
  • 1The global database analyzes the share price performance of companies selling assets, from six months prior to the divestment announcement to up to six months after the divestment is completed.

FTC Requires Divestitures as Condition of Arko Holdings Ltd.’s Acquisition of Empire Petroleum Partners, LLC

Retrieved on: 
Tuesday, August 25, 2020

Arko Holdings Ltd. and Empire Petroleum Partners, LLC have agreed to divestretail fuel assets in local gasoline and diesel fuel markets across four states to settle Federal Trade Commission charges that Arkos proposed acquisition of Empire would violate federal antitrust law.

Key Points: 
  • Arko Holdings Ltd. and Empire Petroleum Partners, LLC have agreed to divestretail fuel assets in local gasoline and diesel fuel markets across four states to settle Federal Trade Commission charges that Arkos proposed acquisition of Empire would violate federal antitrust law.
  • Headquartered in Israel, Arko operates in the United States through its Richmond, Virginia-based subsidiaries GPM Petroleum, LLC and GPM Southeast, LLC.
  • Empire is a Delaware-based wholesale fuel distributor and operator of retail fuel and convenience stores.
  • The order requires GPM and Empire to provide transitional services as needed to the divestiture buyers for up to 15 months after divesting the assets.

FTC Requires Divestitures as Condition of Arko Holdings Ltd.’s Acquisition of Empire Petroleum Partners, LLC

Retrieved on: 
Tuesday, August 25, 2020

Arko Holdings Ltd. and Empire Petroleum Partners, LLC have agreed to divestretail fuel assets in local gasoline and diesel fuel markets across four states to settle Federal Trade Commission charges that Arkos proposed acquisition of Empire would violate federal antitrust law.

Key Points: 
  • Arko Holdings Ltd. and Empire Petroleum Partners, LLC have agreed to divestretail fuel assets in local gasoline and diesel fuel markets across four states to settle Federal Trade Commission charges that Arkos proposed acquisition of Empire would violate federal antitrust law.
  • Headquartered in Israel, Arko operates in the United States through its Richmond, Virginia-based subsidiaries GPM Petroleum, LLC and GPM Southeast, LLC.
  • Empire is a Delaware-based wholesale fuel distributor and operator of retail fuel and convenience stores.
  • The order requires GPM and Empire to provide transitional services as needed to the divestiture buyers for up to 15 months after divesting the assets.

Ark Restaurants Announces Conference Call

Retrieved on: 
Thursday, August 6, 2020

Ark Restaurants Corp. (NASDAQ:ARKR) will hold a conference call for investors and analysts to discuss financial results for the third quarter ended June 27, 2020 on Tuesday, August 11, 2020 at 11:00 a.m. Eastern Time.

Key Points: 
  • Ark Restaurants Corp. (NASDAQ:ARKR) will hold a conference call for investors and analysts to discuss financial results for the third quarter ended June 27, 2020 on Tuesday, August 11, 2020 at 11:00 a.m. Eastern Time.
  • The dial-in numbers to participate in the conference call are:
    The Company will also broadcast its conference call over the Internet.
  • A replay of the broadcast will be available within one hour of the call, and will be available for 72 hours.
  • The dial-in telephone numbers for the replay are:
    Ark Restaurants owns and operates 20 restaurants and bars, 17 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, NV and the gulf coast of Alabama.

Real deadlines and real consequences

Retrieved on: 
Thursday, August 6, 2020

Real deadlines and real consequences Maribeth Petrizzi, Bureau of CompetitionAug 6, 2020A close read of the Commissons action in this case yields some timely advice for any company that is subject to a divestiture order.

Key Points: 

Real deadlines and real consequences


    Maribeth Petrizzi, Bureau of CompetitionAug 6, 2020
    • A close read of the Commissons action in this case yields some timely advice for any company that is subject to a divestiture order.
    • Any deadline in a Commission order is a real deadline, and failure to meet the deadline can have real consequences.
    • That means that if the order requires a divestiture by June 15, you must have completed the divesture, including closing, by June 15.
    • Under applicable case law, failure to divest on time is a per se violation of an FTC order.
    • The Commission has the discretion to seek civil penalties for any failure to divest by a deadline contained in an order.
    • Additionally, each violation of the order is a separate offense, and maximum potential penalties are calculated for each day of each violation.
    • Compliance reports are an important opportunity to alert the Commission to any problems and concerns about meeting the divestiture deadline.
    • Inadequate compliance reports may constitute separate violations of the order, which could lead to additional civil penalties, as it did in ACT.