Insights: M&A

Mergers & Acquisitions

The HSR waiting period is scheduled to expire on May 26, 2026. We do not expect that the proposed transaction will receive a second request. Feedback from industry participants (who are not involved in the deal) suggests that QXO and TopBuild's distribution businesses do not compete directly, as there is no overlap between QXO's roofing and...

Mergers & Acquisitions

Somnigroup/Leggett

The companies were set to file HSR by May 4, 2026. We expect that the proposed transaction will receive a second request from the FTC. Feedback from industry participants (who are not involved in the deal) suggests that Leggett & Platt (Leggett) is the predominant U.S. supplier of mattress innersprings, which are critical inputs into mattresses...

Mergers & Acquisitions

Per the arrangement agreement (AA), the companies agreed to file HSR by April 24, 2026, as well as make Competition Act and Canada Transportation Act submissions by May 1, 2026. The 30-day HSR waiting period was granted early termination by the DOJ/FTC on May 5, 2026 (there was no overlap in the U.S.). Based on research to date, we believe that...

Mergers & Acquisitions

Amazon/Globalstar

The companies are set to file HSR by May 18, 2026. They are also set to file with the FCC by May 26, 2026, though that deadline may be extended by up to 15 business days to June 16, 2026. On April 14, 2026, FCC chairman Brendan Carr spoke with CNBC and stated that the FCC is "very open-minded" to the transaction at hand, noting that 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...