Possible the Hudson Bay and Sycamore Partners #BBBY rumors were real as FTC/DOJ may want to see three potential divestiture buyers when examining M&A antitrust ramifications. 
Specifically, this references potential divestiture remedies to gov’t competition concerns.
e.g. if you wholly control the BoD at Newell (which manufactures baby products via its Learning & Development segment), buying BBBY (and BABY by extension) starts looking “antitrusty”
e.g. if you wholly control the BoD at Newell (which manufactures baby products via its Learning & Development segment), buying BBBY (and BABY by extension) starts looking “antitrusty”
If a #BBBY acquirer controls manufacturing, it could unfairly advantage Newell brands in its retail distribution to harm competition.
Historically, M&A parties look to remedy these concerns by divesting "problematic" businesses to appease regulators.
Historically, M&A parties look to remedy these concerns by divesting "problematic" businesses to appease regulators.
But the FTC is wary of acquirers who offload a business to someone they believe won't be a threat or be able to compete. The gov't wants to avoid being hoodwinked by monopolistic acquirers who are divesting only on the surface level.
The FTC *cares* who is on the receiving end of the divestiture. They would want to see operators with real plans for the business and experience succeeding in the relevant industry 👀
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