Earlier quoted context omitted.
Step 1: make everyone an incredible offer Step 2: get them all hired away from your competitor who is now out of business Step 3: in a year or two, restructure all these people out (or just fire them if your jurisdiction allows) Step 4: your competitor is gone, and all it cost was a year or two of salaries. Seems like a great way to help out budding monopolies.
it seems like you can just prevent this by providing incentives for your employees to not get poached, and also companies that mass-hire-mass-fire would get reputations for doing so, and people wouldn't fall for it. making it illegal instead of requiring businesses to actually pay for retention and loyalty in a free market way is so silly
It is not illegal to do general hiring at good rates and shop for employees at a particular company. That wouldn't have the same results as buying a company. Plus, you wouldn't own their creations; you'd have to rebuild or clean room steal it.