Commission refuses to grant blanket approval to small baking company to be acquired by anyone including…

No. 291. Commission refuses to grant blanket approval to small baking company to be acquired by anyone including corporations subject to Commission acquisition-prohibition orders. The Commission rendered an advisory opinion in response to a premerger clearance request from the owner of a small baking company who wants to selI the business to anyone including corporations subject to Commission cease and desist orders containing provisions prohibiting further acquisitions without prior Commission approval. The applicant was advised by the Commission that it cannot grant the blanket approval requested. The Commission pointed out that corporations covered by Commission acquisition-prohibition orders are free, of course, to apply for prior approval to acquire the applicant's company in compJiance with the order against the particular corporation.

From the data submitted by the applicant, it appears that, while the population had declined in its trading area and its sales have produced reduced revenues, the company has continued to operate profitably. "'0 evidence was presented of any attempts to sell the business to any other independent baker or to anyone presently outside the baking industry. (File No. 693 7003 , released Oct. 1, 1968.