The UK Competition and Markets Authority (CMA) today announces the opening of an inquiry into the planned deal between ICAP plc (LON:IAP) and Tullett Prebon Plc (LON:TLPR).
The watchdog is examining the proposed acquisition of ICAP’s global wholesale broking and information business (IGBB) by Tullett and the planned acquisition of a 19.9% stake in Tullett by ICAP Newco.
The deadline for the CMA to announce its decision whether to refer the Merger for a phase 2 investigation is June 8, 2016.
The companies have already secured the consent of their shareholders for the deal, which is expected to close this year, pending a series of regulatory approvals. Meanwhile, there is still no update on the status of discussions with the United States Department of Justice (DOJ), which in February this year requested extra information regarding the anticipated deal.
You can view the official announcement from the CMA by clicking here.