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Tim Leiweke Indictment: How the ASM/Legends Merger Led to Charges Against the OVG CEO
The Tim Leiweke indictment, which saw the OVG CEO criminally charged, grew out of a regulatory review of the ASM/Legends merger.
The bid-rigging charges brought against Oak View Group (OVG) CEO Tim Leiweke earlier this week grew out of the federal government’s 10-month regulatory review of the merger between Legends Hospitality and ASM Global last year, multiple sources have confirmed to Billboard. Last year, the company agreed to pay $3.5 million in fines after government attorneys uncovered evidence that Mirhashemi violated mandatory waiting period laws — known as “gun-jumping” charges — as part of its $2.3 billion acquisition of ASM Global. According to the HSR Act, merging companies must adhere to a 30-day waiting period prior to closing the transaction while the government decides whether or not to open a second, more in-depth investigation and study the deal’s potential impact on competitiveness.
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