FTC Wants To Block Steris/Synergy Merger
This article was originally published in The Gray Sheet
The companies plan to contest the Federal Trade Commission's action, although they say they have yet to see FTC's formal complaint. The deal, valued at $1.9 billion, would allow U.S.-based Steris to reduce its corporate tax rate by redomiciling to Synergy's home in the U.K., creating a $2.6 billion entity.
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The deal for UK-based Synergy follows the trend of U.S. companies moving their headquarters to take advantage of more favorable tax rates, but Steris says the acquisition also makes sense because the companies’ geographies and product ranges are complementary.
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