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United Kingdom

CAT upholds CMA refusal of Dye & Durham AIM twin-track divestment of TM Group; final undertakings require private sale to a single approved purchaser; purchaser approval criteria not satisfied

Practice notes
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Case facts

Outline

An appeal brought by Dye & Durham Limited and Dye & Durham (UK) Limited against the CMA’s decision of 29 March 2023 regarding the required divestment of TMG Group (UK) Limited, following the CMA’s phase 2 inquiry into the completed acquisition of TMG Group (UK) Limited by Dye & Durham (UK) Limited

Latest development

On 21 May 2021, the CAT delivered its judgment, unanimously dismissing the appeal. It concluded there was no error in: (i) determining that the proposal advanced by Dye & Durham (UK) Limited would necessitate a variation of the final divestment undertaking; (ii) declining to amend the final undertakings to incorporate Dye & Durham (UK) Limited’s proposal; and (iii) deciding that the purchaser approval criteria—independence, competence and capacity—would not be met by Dye & Durham (UK) Limited’s proposal

Parties

  • Dye & Durham Limited and Dye & Durham (UK) Limited (together)
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Web page updated on 27/05/2026

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