The Federal Trade Commission has reportedly requested more information regarding the $42.9 billion takeover of healthcare supplies company Covidien.
Market leader Medtronic’s plans to acquire Covidien could now be delayed, say reports, after Medtronic revealed in a filing that the FTC needs more information regarding the transaction. The second request for information now extends the regulatory waiting period until 30 days after the companies have complied with the FTC’s request.
Medtronic and Covidien announced their merger plans last June and said at the time that they expect the deal to close by the end of the year, or possibly by early next year.
Despite the FTC’s second request for information, the companies said Friday that they are not changing their anticipated timeline for the deal.
But according to reports, the FTC could be concerned that the transaction involves a plan for Medtronic to move its headquarters to Ireland to benefit from lower taxes; Covidien is based in Ireland for similar tax purposes.
Full content: Boston Globe
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Turkey Hits Meta with $37.20 Million Fine Over Data-Sharing Practices
May 8, 2024 by
CPI
Google Seeks Dismissal of UK Suit Over Alleged Anti-Competitive Practices
May 8, 2024 by
CPI
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI