Exchange operator Nasdaq’s US$190 million proposed acquisition of Swedish financial technology provider Cinnober faces an in-depth antitrust probe by UK authorities, reported the Financial Times.
Britain’s Competition and Markets watchdog on Friday, November 23, announced it had opened an investigation into the deal to assess whether the buyout would significantly reduce competition in the sector.
Nasdaq needs 90% of shareholders for the deal to proceed, but a minority say the price is not enough. David Zetterlund, who owns 3.7% of the shares and represents two other large private shareholders, controls enough shares to prevent Nasdaq from reaching its threshold.
The UK Competition and Markets Authority has opened a comment period which will end on December 7, a week before the expiry of Nasdaq’s acceptance period. It is expected to lead to a first phase investigation, which would be concluded next year.
