Two recent enforcement actions demonstrate that U.S. antitrust
authorities can and do fine individuals and entities —
especially repeat offenders — for failure to comply with U.S.
antitrust premerger notification requirements. Fines may be levied
even when the acquisition does not raise competitive concerns.
Biglari Holdings Inc. ("Biglari"), a restaurant chain
owner and investment fund operator, and Clarence L. Werner, founder
of a Nebraska-based truckload carrier, agreed to pay $1.4 million
and $486,900,1 respectively, to resolve allegations that
they violated premerger filing rules by failing to report
acquisitions of stock in public companies before closing those
transactions.2
