What Happens Next for Illumina and Pacific Biosciences?

The proposed merger of Illumina (NASDAQ: ILMN) and Pacific Biosciences (NASDAQ: PACB) is the latest reminder that no acquisition is guaranteed. After drawing the scrutiny of the Competition and Markets Authority (CMA) of the U.K. and the Federal Trade Commission (FTC) of the U.S., it's probably time for investors to give up hope that the transaction will go through.