Retail Industry
Industry: Email Alert RSS FeedRales subpoenaed by FTC in antitrust investigation. (Steven and Mitchell Rales, Interco Inc. takeover case)
Daily News Record, October, 1988
Rales Subpoenaed by FTC In Antitrust Investigation NEW YORK (FNS) -- The Rales brothers, who are in the midst of a hostile takeover of Interco, Inc., have been subpoenaed by the Federal Trade Commission as part of an investigation of a possible violation of antitrust laws in connection with their $74 a share bid for the company.
In filing with the Securities and Exchange Commission, Steven M. and Mitchell P. Rales said they were issued the subpoenas Oct. 24 for a possible violation of the Hart-Scott-Rodino Act of 1976. The act requires that once a major company or individual wants to acquire stock in another company, it must file with the FTC for permission to go ahead and purchase $15 million or more of a company's stock.
The filing noted that the...
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