Competition investigations are a nightmare for companies and their advisors. Yet a UK cyber deal shows they can also be an opportunity for bold investors. In March, the UK’s Competition and Markets Authority launched a deeper so-called phase 2 investigation into U.S. cyber company NortonLifeLock’s up to 6.2 billion pound takeover of UK peer Avast , sending the target’s shares down sharply . Yet on Wednesday, the antitrust watchdog backtracked, and provisionally approved the deal. Avast’s shares jumped 42% back to the offer price.
, and provisionally approved the deal. Avast’s shares jumped 42% back to the offer price.
A phase 2 investigation usually implies there’s some evidence a merger could harm competition. In Avast’s case, rival Microsoft’s new product launch in June may have helped convince the regulator that the deal wouldn’t lessen market competition too much. But Microsoft’s growing strength in cyber security is hardly new, and the CMA’s initial report in March on the dealM&A bankers and lawyers may see the episode as evidence that the CMA is
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