EpicRandy on 12 July 2023
They can merge with pending CMA review, they just need to abide by an initial enforcement order from the CMA;
- The U.K. merger control regime allows acquirers the flexibility to close prior to completion of a CMA review, but acquirers should carefully consider the impact of an expansive CMA initial enforcement order (IEO) to hold separate the target business. The CMA may issue an IEO to ensure competition is protected and to preserve the CMA’s ability to order remedies or unwinding of the deal. Any material changes to the merging businesses will be subject to a strict consent process, and each party must submit regular compliance reports to the CMA. This can delay realization of the deal’s synergies and integration benefits.
I don't know if the agreement with ABK would need to be altered to use this but it seems a fairly trivial change IMO. They would not have all the benefits of the merger but at least the transaction will be completed, shareholders would get their payday and there'll be no risk of AKB just walking out with $3B.
