Tribunal refers Commission’s decision back to it for reconsideration
in matter involving Caxton, Mpact merger filing 

 
The Tribunal has set aside a decision by the Competition Commission (“the Commission”) in in which it denied Caxton And CTP Publishers And Printers Limited (“Caxton”) permission to file a separate notification of a merger between Caxton and Mpact Limited (“Mpact”).
 
Caxton applied to the Commission in June 2021 for permission to make a separate filing for a merger, in terms of which it sought to acquire majority control over Mpact. Mpact did not support the merger and refused to agree to a joint merger filing.
 
The Commission refused Caxton’s application on the basis that it would not be just and reasonable to permit a separate filing. Caxton then approached the Tribunal, seeking to review/appeal the Commission’s decision. Mpact was cited as a party to the proceedings and opposed the application. The Commission also made submissions during the Tribunal hearing but said it would abide by the Tribunal’s decision.
 
The Tribunal has referred the Commission’s decision back to it to reconsider. In addition, Caxton’s application for the Tribunal to grant it permission to file its separate merger notification has been dismissed.
 
A public version of the Tribunal’s reasons for its decision will be available in due course once any claimed confidential information contained in the reasons has been finalised.
 
Background
 
There are two mechanisms whereby a merger approval process may get underway. The first applies in circumstances where the merging parties are agreeable to a merger and therefore submit a joint merger notification. The second allows for an acquiring firm to apply to the Commission for permission to file a separate notification of a merger, usually in the context of hostile mergers. Caxton had applied to the Commission in line with the second mechanism.