I mean, the law can govern these things, but it's true that preventing the merger was a certain way to prevent them. And ensure that ARM never have the capital needed to become much more than they are today.
Nvidia dodged a bullet when the merger failed. ARM, not so much. I would be delighted to be proven wrong about all this by ARM's future success. Unless I succumb to the temptation to short the stock, in which case my happiness would be attenuated somewhat.
Made sense for Nvidia. Not for other Arm customers.