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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-07-18T12:40:00
The European Commission imposed maximum disciplinary measures in fining U.S.-based biotechnology company Illumina 432 million euros (U.S. $476 million) regarding its “gun-jumping” merger with cancer detection company Grail.
The penalty, announced July 12, represents the 10 percent of worldwide annual turnover that the European Commission is capable of ordering a company to pay under European Union merger regulations. The commission also levied a “symbolic” fine of €1,000 (U.S. $1,100) against Grail for its involvement.
The commission said Illumina’s actions in merging with Grail before receiving EU approval represented an “unprecedented and very serious infringement” of the bloc’s merger control system. The regulator accused the company of “knowingly and intentionally” breaching EU rules by weighing the risk of a fine against the costs of a failed takeover of Grail.
For its part, Illumina said via a spokesperson emailed statement it would appeal the fine, which it found to be “unlawful, inappropriate, and disproportionate.”
The case offers broader lessons for the M&A landscape, including the following:
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2023-07-19T21:39:00Z By Kyle Brasseur
New draft merger guidance put forward by the Department of Justice and Federal Trade Commission continues the agencies’ joint mission to modernize antitrust enforcement.
2023-07-17T14:37:00Z By Kyle Brasseur
The Federal Trade Commission announced the withdrawal of two antitrust policy statements the agency deemed “outdated.” The move puts the FTC in line with the Department of Justice, which announced a similar action earlier this year.
2022-10-27T17:30:00Z By Kyle Brasseur
The results of a recent survey conducted by Compliance Week and Avalara found most businesses consider governmental licenses as part of due diligence efforts during mergers and acquisitions, yet the opportunity for risk management improvements remains.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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