US antitrust enforcers will not appeal a court ruling that said U.S. medical technology provider Steris Corp could proceed with a merger with British sterilization services provider Synergy Health Plc , a Federal Trade Commission spokesman said on Thursday.
The FTC filed a lawsuit in May aimed at stopping the proposed transaction, saying it would hurt customers by eliminating likely future competition based on new sterilization techniques. Last week a federal court in Ohio refused to block the $1.9 billion deal.
“The commission has decided not to appeal the district court’s decision denying the preliminary injunction,” FTC spokesman Peter Kaplan said in a statement.
Steris announced the transaction in October, saying it wanted to expand its footprint in Europe. The plan is for Cleveland-based Steris to buy out UK-based Synergy Health, with the combined company managed from Ohio but incorporated in Britain. Such “inversion deals” can allow US companies to get lower tax rates by reincorporating overseas.
Full content: Yahoo! News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 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