Abstrakt
The paper analyses the scope of the gun jumping prohibition in light of the judgment of the General Court in the Altice case (T-425/18). After introducing the facts of the case, it dives into the legal issues raised.
It concentrates on the main areas of concern - the scope of Article 4(1) and 7(1) of the EU Merger Regulation, the pre-closing covenants in the transaction documentation and the exchange of information. The paper identifies four important implications of the Altice case.
First, the case confirms that con- current violation of notification and standstill obligation is possible. Second, it provides clearer guidance as to which pre-closing covenants may be regarded as granting the acquirer a possibility of exercising control over the target.
Third, it confirms that a con- centration may be implemented by pre-closing covenants regardless of their actual im- plementation. Finally, it makes clear that excessive information exchange may support the finding of decisive influence.