Insights: M&A

Mergers & Acquisitions

Cintas/UniFirst

Per the Merger Agreement, the companies were set to file HSR by April 15, 2026. Based on research to date, we expect that the proposed merger will receive a second request from the FTC, and we observe a substantial risk of litigation. Cintas/UniFirst presents a fact pattern similiar to other deals that have received a second request from the FTC...

Mergers & Acquisitions

Per the Merger Agreement (MA), the companies should have filed HSR by March 23. We believe that the proposed transaction is likely to avoid a second request. While the merging firms do not have any product overlap, a vertical relationship exists between Masimo and Danaher subsidiary Radiometer – Masimo is the market leader in the pulse oximetry...

Mergers & Acquisitions

Mission Produce/Calavo Growers

Mission and Calavo voluntarily withdrew their initial HSR filings on March 16 and refiled on March 18 with the DOJ and FTC. The current HSR waiting period is set to expire on April 17, 2026. Based on research to date, we believe that the proposed merger is unlikely to receive a second request. While Mission and Calavo are the two leading U.S....

Mergers & Acquisitions

Boston Scientific/Penumbra

The companies received a second request on March 16. Our research suggests an overlap in detachable peripheral embolization coils (peripheral coils) is the primary basis for the FTC’s second request. If the agency concludes that the merger will cause substantial harm to competition in this market, our work indicates that a divestiture of either...

Mergers & Acquisitions

Transocean/Valaris

Per the Merger Agreement (MA), the companies should have filed HSR by March 11, 2026. Based on research to date, we believe that Transocean/Valaris is likely to receive a second request from the DOJ. The combined company will have a 40–50% share of ultra-deepwater (UDW) drillships, regardless of geographic market definition (e.g., Gulf of...

Mergers & Acquisitions

Paramount/Warner Brothers – Foreign Antitrust Review Analysis

Paramount has confirmed that it has been in pre-notification discussions with the EC since Paramount launched its tender offer for Warner Bros. in early-December 2025. Reuters also recently reported that the EC is unlikely to initiate a Phase 2 and that any divestitures are expected to be minor.