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But there are options available, according to Tom Smith, a competition lawyer at Geradin Partners and ex-CMA legal director.
"It's all quite debatable, but I believe the most likely route to allowing the deal to close by Tuesday is for the CMA to issue a derogation from its interim order," said Smith, a competition lawyer at Geradin Partners and ex-CMA legal director, referring to the formal notice the deals watchdog issued in May ordering the companies to remain separate pending a final decision.
"They could allow the deal to close but require the Activision Blizzard business to be held separate pending the final order," he said. "The CMA would look reasonable while preserving their position."
Microsoft, Activision Eye UK Rights Sale to Get Merger Done
Restrictions on acquiring an Interest
5. Except with the prior written consent of the CMA, Microsoft and all members of the Group of Interconnected Bodies Corporate to which it may belong must not:
(A) Acquire an Interest in Activision or any of its Subsidiaries;
(B) Acquire an Interest in an Enterprise holding an Interest in Activision or carrying on the business of Activision from time to time; or
(C) Hold an option to acquire an Interest referred to in subparagraphs (a) and (b) above.
The CMA's move to reopen deliberations about its final decision, which is unusual so late in the regulatory process, revives the potential for Microsoft to resolve the watchdog's concerns about competition in the cloud gaming market. The CMA did not provide details of Microsoft's submission, which was made more than a month ago.
The Competition and Markets Authority has pushed back the date for delivering its final ruling on the deal by six weeks to allow for "full and proper" consideration of further details provided by Microsoft.
The American technology powerhouse has told the regulator that there has been a change in circumstances since the deal was blocked that could allow it to go ahead. It is understood that the submission does not reference a decision by a court in the United States to clear the transaction and does not outline proposals to restructure the deal.
Microsoft Wins Extra Time for Activision Blizzard Deal Decision
