Second Request Lands on a $9 Billion Medical-Device Merger
Antitrust reviewers asked for more information, pushing the expected close into next year and putting the overlap analysis on the record.
Antitrust reviewers issued a second request on a $9 billion medical-device combination, and the acquirer moved its expected close to the first half of next year.
Where the overlap sits
The parties compete directly in one product line representing under a tenth of combined revenue, which the acquirer had characterised as immaterial. A second request means reviewers want to test that characterisation rather than accept it.
The mechanics
Second requests are common in deals of this size and are not, by themselves, a signal of intent to sue. What matters is the scope: a request narrowly drawn around one product line usually ends in a divestiture, not a block.
Cost of delay
The merger agreement carries a ticking fee that begins accruing at year-end. Timing risk here is quantifiable, which is more than can be said for most deal reviews.