The risk of a Phase 2 reference in UK merger control: lessons and future direction

July 1, 2019
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Parties planning mergers that are subject to UK merger control typically need to understand the risk of their mergers being subject to detailed Phase 2 investigation. This is because such investigations delay full merger integration, are expensive (both in advisor fees and management time), and are risky as securing clearances is not a formality.

This article, which originally appeared as a chapter in Global Legal Insights' Merger Control 2019, provides an overview of UK merger control decisions over the past decade, assessing key risk factors and why mergers were referred or cleared subject to undertaking in lieu of reference. The authors also consider whether UK merger control in becoming more interventionalist and the future direction it may take.

Meet the Authors

Ben Forbes headshot

Ben Forbes

Director, London