Cencora's MWI Animal Health Merger With Covetrus Sees 'Intensified' FTC Scrutiny, RBC Says

MT Newswires Live00:02

Cencora's (COR) MWI Animal Health's pending merger with Covetrus sees "intensified" Federal Trade Commission scrutiny, RBC Capital Markets said, noting that the combined entity is expected to hold 67% to 75% of the US veterinary distribution market.

The FTC issued Civil Investigative Demands to all parties in July and raised a second request under the Hart-Scott-Rodino Act earlier in May, RBC said in a note Friday.

RBC said that a key question is if the agency defines the relevant market as companion and production animals or just companion animals, which will materially impact the estimated concentration levels.

The firm said it now expects 2027 revenue of $351.37 billion and EPS of $19.50 from $354.74 billion and $19.76 previously, accounting for the transaction closing and removing MWI Animal Health from the estimates.

RBC maintained the company's sector perform rating and $330 price target.

Price: 324.59, Change: -6.36, Percent Change: -1.92

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