Key Lawmaker Proposes Moratorium On Corporate Mergers During Coronavirus Crisis
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deadline.comBy Ted Johnson Rep. David Cicilline (D-RI), who chairs a House subcommittee on antitrust and competition, is proposing that the next coronavirus relief legislation include a moratorium on corporate mergers and acquisitions. “As millions of businesses struggle to stay afloat, private equity firms and dominant corporations are positioned to swoop in for a buying spree,” he said in a virtual discussion on Thursday before the Open Markets Institute.
Transactions would still be allowed if a company is in bankruptcy or near insolvency. Cicilline cited reports that private equity firms are “sitting on $2.5 trillion of investor cash,” and major technology companies have more than $570 billion, giving them to resources to make big plays for
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