Seems like a "I'll know when I see it" situation. In that, if the FTC thinks they are anti-competitive, they probably are and at least should be blocked from acquiring their competition.

Breaking them up or taking actual action against them would require deeper investigation with FTC taking the lead rather than potentially handing sensitive documents over to the offending company.

If the company wants to fight the block of acquisitions would foot the bill for everyone being supeonaed along with the FTC's expenses regardless of the case's success.