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ARTICLE · 24 JULY 2018

Gunjumping and voluntary merger control: ACCC challenges pre-completion cartel conduct

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The ACCC targeted pre-completion conduct between two merging competitors by using the "cartel provisions" of the CCA.

AustraliaAntitrust/Competition Law
Ian Reynolds
Ian Reynolds
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The Australian Competition and Consumer Commission (ACCC) has brought proceedings against Cryosite1 for implementing parts of a proposed transaction prior to completion. This reinforces the compliance rule that deal parties must remain independent until completion, even after signing transaction documents. Parties must also be aware of competition risks related to:

  • contractual restrictions on business conduct prior to completion;
  • organisational or transitional implementation teams, joint business plans and joint approaches or communications to customers; and
  • pre-completion exchanges of confidential or competitively sensitive information.

The matter also shows that the ACCC pays close attention to competition issues which are trending globally, and will use its enforcement toolbox to take action if similar fact patterns arise in Australia.

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