Insights: Mergers & Acquisitions

Mergers & Acquisitions

The companies are due to file HSR by August 29. We do not expect HNI/Steelcase will receive a second request from the FTC or DOJ, but we do observe material risk of such an outcome.

Mergers & Acquisitions

MasterBrand/American Woodmark

The companies are due to file HSR by September 3, with the possibility of a ten business day extension based on mutual agreement of the parties.

Mergers & Acquisitions

The defendants’ opposition brief was unsealed over the weekend and reveals key details on the companies’ proposed divestiture (Integer Holdings is reportedly the buyer). The Divestiture includes Biocoat’s entire UV-cured coatings business and its currently-marketed thermal-cured hydrophilic coatings business (Competitive Thermal Coatings), along...

Mergers & Acquisitions

Union Pacific/Norfolk Southern: STB Considerations

The companies filed a notice of intent regarding their proposed merger with the Surface Transportation Board (STB) on July 30, 2025. This filing initiates a timeline for the companies to submit a merger application in 3-6 months. The companies stated that they intend to file their application on or before January 29, 2026.

Mergers & Acquisitions

The EC initiated a Phase 2 investigation of Mars/Kellanova on June 25, 2025 and set an October 31, 2025 provisional deadline. The EC is concerned that Mars’ acquisition of Kellanova’s products could increase its bargaining power vis-à-vis supermarket retailers and lead to higher prices for retailers that are passed on to consumers.

Mergers & Acquisitions

Aya/Cross Country

A recent article from Dealreporter reports that the FTC has been deposing third parties, including competitors and customers. The publication also reports that FTC staff is assessing the impact of the merger on travel nurse competition in California and Midwest markets, as well as Baltimore.