Out of the past 50 decided Phase 1 cases just…
…were completed mergers (as opposed to anticipated mergers).
This compares with nearly 50% only three years ago.
What’s behind this change?
- more onerous hold separate requirements discouraging completion before notification?
- more onerous hold separate requirements discouraging notification of completed deals?
- the CMA being more selective in which completed deals it investigates?
- fewer companies wishing to or being able to complete during the investigation?
Posted November 12th 2021
This is the latest in my series of short notes looking at UK merger control statistics relevant to companies and investors.