Heathrow commercial solicitors are instructed on various takeovers and the rules in relation to takeover bids.
The UK competition law regime has been reformed
by the enterprise and the regulatory reform act which came into force on the 1st April 2014.
It established a two stage voluntary merger notification regime.
This is where the parties refer the transaction to the Office for Fair Trading for investigation and informal guidance.
The Competition and Markets Authority
New statutory timetable introduced and the CMA has wider powers than previous governing bodies to request information during the review process and to make an interim order.
Article 3 of the EU Merger regulation provides that a concentration can arise where a change of control on a lasting basis resorts from;
a) the merger of two or more previously independent undertakings or parts of undertakings or;
b) the acquisition of direct or indirect control of the whole or part of an undertaking or undertakings.
The meaning of control is defined and means more than voting control. It means where one party can exercise ‘decisive influence’ over another. A 25% holding may therefore constitute control for the purposes of the EU Merger.
Regulation or Acquisition is defined to comprise a direct financial purchase by contract, a purchase of shares or securities.