Aside from the CMA process details you've noted above…
Given all that has happened over the past 7 days and the various updates / changes in direction, especially over the weekend… what do
you think is going to happen today?
Think about what happened last week… including the optics here..
- Outside of CMA - FTC was the only remaining key block - CMA and FTC were aligned
- there was a possibility that the FTC PI could be approved, it wasn't.
- there was a possibility that the FTC appeal could be appealed, it wasn't
- the courts unilaterally shut down FTC - in fact they actually rebuked FTCs core arguments and unilaterally agreed with MS arguments that this deal would actually promote competition
- FTC was called to session and berated for their overall performance and decisions
- in short - it wasn't a very good week at all for the FTC
- CMA and MS subsequently agreed to pause / extend - and CAT setup the meeting for today
Up until Friday CMA had backing and alignment with FTC - that has all changed significantly.
Now - CMA really only has two paths:
- stick to their original ruling and block the deal… full stop
- or, pause and further reevaluate and revise their ruling with a way forward to allow the deal to progress and find some common ground to address the remaining concerns
If the CMA were of the opinion to not change their core ruling - why the pause? Why not just announce the block today and kill the deal?