I still think CMA will block the deal though, they aren't acting rational and it feels like they made their mind up on blocking the deal from the very start. But I'm 100% convinced that Microsoft will appeal to CAT now, although I'm trying to think on what grounds would CAT rule against CMA, I'm honestly not sure if CAT ever has and it usually requires CMA doing some procedure incorrectly or breaking some rules.
Like CAT said CMA fucked up by redacting key data in the Meta/Giphy acquisition but ultimately agreed with the block, Lol. It'll be interesting to see what angle Microsoft tries to argue because while we can disagree on their interpretation on the data, I wouldn't say that breaks any rules or procedure.