Minding HSR When Shareholders Increase Stakes

Law360, New York (January 11, 2012, 11:47 AM EST) -- On Dec. 16, 2011, the U.S. Department of Justice Antitrust Division announced a $500,000 fine for Comcast’s CEO, Brian L. Roberts, for his failure to file notification under the Hart-Scott-Rodino Act to report the acquisition of additional shares of Comcast voting securities.

This case dramatically highlights the hard reality that the value of incremental acquisitions through option exercises, open market purchases and other follow-on investments must be aggregated with the current fair market value — not the historic cost — of existing holdings to determine whether...
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