STERIS Corp. (STE) and Synergy Health plc (SYR.L) Friday announced that they have been informed by the U.S. Federal Trade Commission or FTC that it intends to seek to block their proposed combination.
STERIS and Synergy announced that they will contest the FTC's attempted action, and they welcome a full judicial review of the competitive effects of the combination.
Under U.K. Listing Authority requirements, Synergy is required to announce this development even though the companies have not seen the FTC announcement or formal complaint.
STERIS and Synergy continue to believe that the combination is procompetitive and in the best interest of all constituents of the two companies, including Customers. The two companies are committed to completing the transaction as expeditiously as possible.
In order to ensure sufficient timing to contest the FTC's action, the parties intend to extend the long-stop date for completion of the combination to December 31, 2015. STERIS said it expects to extend its Bridge Credit Agreement to that date, as well.
Extension of the long-stop date is subject to U.K. court approval, which will be sought as soon as reasonably practicable.
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