Insights: Mergers & Acquisitions

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.

Mergers & Acquisitions

Dick’s/Foot Locker

Based on research to date, we continue to expect that Dick’s/Foot Locker is likely to receive a second request. Our recent work has largely consisted of an in-depth analysis of over two hundred local markets where both companies have store locations. Our research indicates a conservative estimate of 43-to-63 overlapping markets where the...

Mergers & Acquisitions

Omnicom/Interpublic

Various news outlets, including the New York Times, Bloomberg, and Reuters reported last week that the companies and FTC are in discussions over a consent decree intended to prevent the combined company from boycotting media companies due to their political content. This news comes on the heels of reports that the FTC has requested information...

Mergers & Acquisitions

Salesforce/Informatica

Per the terms of the Merger Agreement (MA), the companies are set to file HSR by June 25, 2025. Recent clearances of several high-profile deals, as well as DOJ Deputy AG (DAAG) Bill Rinner’s remarks last week that competitively neutral deals should not be the subject of a “regulatory review tax” could bode well for Salesforce/Informatica’s...