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The blog celebrates its 10 year anniversary today. 

A lot has changed in ten years. My wife and I celebrated our own 10 year anniversary late last year, we have two wonderful kids (girl and a boy), my beard is more salt than pepper (let's be honest, almost all salt) and somehow, magically, and with the help of so so many people, I am blessed to have built Reorg into what it is today.

I cannot thank each of you individually. I wish I could. I am so lucky to have gotten to know and build relationships with many of you and its been amazing to see your careers develop in this industry in which we all love. Its also been great to see a new generation of investors rise up over the past ten years and take a few of the lessons from the blog and apply it to their investing or advising activities. I am grateful for all of your support over the years.

Finally, I am truly humbled to lead Reorg every day. Taking a phrase from Warren Buffett, I tap dancing to work everyday. I have never been more excited for the future of Reorg - its amazing what the team of nearly 200 people are accomplishing, building and striving for to inform and empower our customers each and every day. I am grateful that I get the opportunity to work with each of you as we push forward through 2023 and beyond.

Thank you. Truly, thank you so much for everything. Here's to another amazing ten years!

-Kent


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Reorg M&A Coverage of NXTM/FMS FTC Approval

Reorg's M&A product has really taken off of late with expanded coverage of all things merger and merger arb related. Here is an example of one of our stories in February. To get a trial of the product please reach out to your sales contact at Reorg, me or click here: 旋风加速器.apk




NXTM/FMS: FTC Approves Deal 3-2 With Divestiture to B. Braun; Democratic Commissioners Dissent on Vertical Analysis


February 20, 2023 06:00


NXTM FMS

Relevant Documents:
FTC Press Release
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Analysis of Agreement Containing Consent Order to Aid Public Comment
Decision and Order
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Statement of Commissioner Chopra
Statement of Commissioner Slaughter

Takeaways
 
  • The FTC voted 3-2 to approve the transaction with divestiture to B. Braun. All five commissioners contributed to statements regarding the consent. Democratic Commissioners Rebecca K. Slaughter and Rohit Chopra individually wrote dissents, and the Republican majority responded with their own statement.
  • Slaughter noted her “strong reservations” about the vertical aspects of the transaction, and she expressed concern that the merger creates a “monopoly or near-monopoly position.” Meanwhile, Chopra noted the FTC had “clear evidence that the transaction will delay or inhibit entry by new firms.” He suggested that Fresenius “could achieve cost savings and other benefits through sourcing and supply agreements” rather than through the acquisition of NxStage.
  • Chairman Joseph J. Simons, Commissioner Noah Joshua Phillips, and Commissioner Christine S. Wilson wrote that the evidence did not support a conclusion that Fresenius would foreclose or raise rivals’ costs. On the contrary, the transaction could lead to much greater use of home hemodialysis, they predicted. Further, both CVS Health and “at least one other firm” are expected to offer home hemodialysis machines in the relatively near future, they wrote.
  • The complaint and accompanying settlement come more than 18 months after the merging parties first announced the transaction in August 2017.

Yesterday, Feb. 19, the FTC announced its conditional approval of the merger between Fresenius and NxStage. The commissioners voted 3-2 along party lines, indicating that other merger reviews could face prolonged investigations or otherwise become politicized within the agency.

All five commissioners contributed to statements regarding the consent, with Commissioner Rebecca K. Slaughter and Commissioner Rohit Chopra issuing dissents and Chairman Joseph J. Simons, Commissioner Noah Joshua Phillips, and Commissioner Christine S. Wilson offering a statement in support of the commission’s action.

The announcement of the settlement represents the conclusion of an exceptionally long FTC review. The transaction was initially announced on Aug. 8, 2017, and 旋风加速器app官网 a second request in October of that year. The complaint and accompanying settlement come more than 18 months after the merging parties first announced the transaction.

Dissenting Statement of Commissioner Slaughter

Although Commissioner Slaughter noted her agreement with the FTC’s allegation of harm to horizontal competition in the bloodlines market, she wrote that s