You realize that its not only the FTC involved here. The UK is already investigating as well, see https://www.theverge.com/2021/11/16/22785832/nvidias-arm-acqu

You realize that its not only the FTC involved here. The UK is already investigating as well, see https://www.theverge.com/2021/11/16/22785832/nvidias-arm-acquisition-scrutiny-uk-government https://www.theverge.com/2021/11/16/22785832/nvidias-arm-acq... The EU is also investigating: https://www.theverge.com/2021/10/27/22266504/nvidia-arm-deal-eu-formal-investigation-merger https://www.theverge.com/2021/10/27/22266504/nvidia-arm-deal... Any one of these regulators can both delay and/or stop and/or change the conditions of the proposed merger. It's highly likely that any other direct acquisition of ARM would get the same investigation, no matter who the acquirer is.