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The last gate: 12 state attorneys general and the two roads forward Every upstream regulator cleared the deal; a single 12-state antitrust suit gates it, then forks into a settlement road and a trial road. global clearance — every gate up DOJ Jun 12 · EU + ~68 jurisdictions signed off by Aug 14 the last gate 12 state AGs Sec 7 Clayton Act · Oakland hold — deal can't close TRO Jul 20 (ext) · mutual hold mediation talks Aug 24 · far apart structural remedies agreed WGA folded in hold lifts deal closes bond hearing Sep 24 ticking cost starts ~Oct 1 antitrust trial Mar 2027 · Oakland states win enjoin or divest each extra month adds cost + risk

Both roads shown: settlement lifts the hold and closes the deal; trial runs to March 2027 with cost accruing every month.