The Federal Trade Commission said on November 13th, 2026 that it has sued to block Covetrus's $3.5 billion acquisition of MWI Veterinary Supply Inc. from Cencora Inc. The agency wants a permanent injunction stopping the combination of what it describes as the two largest distributors of veterinary medicines and clinic supplies in the United States.

Reuters reported that the suit was filed Friday in a New York federal court, with the FTC arguing the deal would raise costs for clinics and for pet owners. Cencora trades on the NYSE under the ticker COR. Covetrus is privately held and owned by Clayton, Dubilier & Rice and TPG Inc.

What happened

The FTC's case page, filed under Matter/File Number 2610070 as "CVET Topco/MWI Veterinary Supply," names CVET Topco, L.P., Clayton, Dubilier & Rice, LLC, TPG, Inc., Covetrus, Inc., Cencora, Inc. and MWI Veterinary Supply, Inc. as defendants. The listed court is the Southern District of New York, and the status is shown as pending. The Commission vote authorizing staff to seek the injunction was 2-0.

The complaint, according to the FTC's release, alleges that Covetrus met MWI's aggressive pricing by cutting its own prices and offering rebates through its VetSuite program, and that years of head-to-head competition amounted to an all-out price war, intensified by the arrival of the online price-comparison platform Vetcove. Bovine Veterinarian reported that the suit identifies two relevant markets: distribution to veterinary clinics, and distribution to large corporate veterinary accounts.

Why it moved

Reuters reported that Cencora shares were up about 2% in midday trading on November 13th, 2026. The reporting does not attribute that move to any single cause. Reuters also said analysts did not expect the FTC challenge to hurt Cencora's forecast, and that Cencora would likely look for alternative MWI transactions if the sale is ultimately blocked.

The terms on the table are set out in Cencora's own deal announcement, carried on its investor site and on the MWI Animal Health newsroom. The transaction values MWI at an enterprise value of $3.5 billion. At closing, Cencora would receive $1.25 billion in upfront cash, $800 million in preferred equity and $1.45 billion in common equity, leaving it a non-controlling 34.3% common equity stake in the combined business. More on the company is at /companies/COR.

What the record shows

The record here is unusually inconsistent on two basic points, and it is worth saying so. On timing, Reuters and dvm360 both report that Cencora agreed in February 2026 to sell MWI, and the Cencora and MWI release carries a Business Wire identifier dated February 17th, 2026. The California Attorney General's release instead states that Covetrus entered the agreement on March 18th, 2026.

On the size of the state coalition, the FTC case caption names 12 states: Arizona, Arkansas, California, Colorado, Maine, Michigan, Nebraska, New York, North Carolina, Ohio, Oregon and Texas. Bovine Veterinarian reported 13 attorneys general and added Minnesota. New York Attorney General Letitia James's release says she joined the FTC and 12 other states, while California Attorney General Rob Bonta's release describes a multistate coalition of 21 attorneys general.

North Carolina Attorney General Jeff Jackson's office headlined its announcement around pet owners' bills, said Covetrus and MWI are among only three businesses able to supply a full range of products to clinics nationwide, and noted that pet owners already pay hundreds of dollars a year for veterinary care. That state action is part of this same suit rather than a separate case.

What to watch

James said the coalition is seeking a preliminary injunction to halt the merger and, ultimately, a court ruling declaring it illegal and preventing it from being carried out. Covetrus responded the same day that the merger would improve veterinary practice economics and make product access easier and more efficient, and said it is prepared to defend the deal in court, per Dow Jones coverage carried by MarketScreener. Covetrus also argues the FTC's analysis does not account for the purchasing options practices already use, including buying from multiple sources and switching suppliers.

No ruling has been made public. The FTC case page listed the matter as pending as of November 13th, 2026, and no court decision or hearing date appeared in the sources reviewed.

Reporting from the Federal Trade Commission, Reuters, Cencora investor relations, the MWI Animal Health newsroom, the New York and California Attorneys General, WECT, Bovine Veterinarian, MarketScreener and dvm360, all dated November 13th, 2026.

Informational only, not investment advice.