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CHARLOTTE, N.C. - Window and door giant Jeld-Wen - number 5 on the FDMC 300 - reported sales of more than $1 billion for the quarter ending March 27. JELD-WEN delivered a strong start to 2021, building on continued operating momentum and disciplined execution, generating significant improvement in revenue, margin, and cash flow, said CEO Gary S. Michel. We remain optimistic on performance for the remainder of the year.
Net revenue for the quarter increased $113.2 million, or 11.6 percent, to $1.09 billion, compared to $979.2 million for the same period last year. Jeld-Wen said the increase was primarily driven by 6 percent core revenue growth and a 5 percent positive impact from foreign exchange.
Takeaway: Typically, avoiding a challenge by the DOJ, means a green light for the parties to a significant corporate merger transaction. However, in cases where an.
Tuesday, March 2, 2021
The recent decision of the U.S. Court of Appeals for the Fourth Circuit in Steves & Sons, Inc. v. JELD-WEN, Inc., 2021 WL 630521 (4th Cir. Feb. 18, 2021), is noteworthy for its affirmance of the trial court’s unusual grant of the equitable remedy of divestiture in a private antitrust suit brought by a customer challenging a merger of competing suppliers. That challenge was brought under Section 16 of the Clayton Act, 15 U.S.C. § 26, and followed a merger consummated four years before the plaintiff’s complaint.
While divestiture is a commonly sought remedy in government enforcement actions brought by the Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice (DOJ), the Fourth Circuit observed that “private suits seeking divestiture are rare and, to our knowledge, no court had ever ordered divestiture in a private suit before this case.” Steves & Sons, Inc., 2021 WL 630521, at 5; see also id. at
A New Wrinkle in Antitrust Litigation - Private Plaintiff Forces Divestiture | Bryan Cave Leighton Paisner jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Introduction
For the first time in history, a private party has successfully challenged an acquisition and obtained an order requiring a divestiture of a company that had been acquired years before the case was filed. In a highly anticipated decision, a court of appeals has affirmed that order.
Even though this case,
Steves & Sons, Inc v JELD-WEN, Inc, is a first-of-its-kind result, the decision is centred on principles of antitrust law and procedure that are unremarkable:
Private parties can sue for divestiture. This has been a well-known principle based on Supreme Court precedent since at least the early 1990s.
There is no specific statute of limitations to challenge an acquisition.