Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Key definition
Dawn raid definition

What does Dawn raid mean? In public M&A practice, a dawn raid is a rapid programme of share purchases executed as the market opens by a prospective offeror to build a toehold stake in a listed offeree before any takeover approach is announced. It is a descriptive market term, not defined in legislation or case law. Used particularly in hostile or competitive bid situations, it aims to accumulate a meaningful holding while minimising price impact and signalling risk. Key legal constraints include: the UK Takeover Code (Panel on Takeovers and Mergers) and the Irish Takeover Rules, notably the Rule 9 mandatory offer threshold at 30%...

Read More Right Arrow

European competition authorities: dawn raids and foreign subsidies regime inspections tracker (2018–2026)

Practice notes
imgtext

This tracker compiles notifications from EU and EEA competition authorities on dawn raids into suspected breaches of Competition law, as well as the foreign subsidies regime, from 2018 onwards.

2026 dawn raids

  • Autorité de la concurrence (France): Food supplements and dermo‑cosmetic products; Unknown; Restrictive agreements; PR 06/05/2026; Raid 05/05/2026.
  • Consiliul Concurenţei (Romania): Security services; SGPI, TMG Guard, Ambassador Group, Team Force; Restrictive agreements—bid rigging; PR 06/05/2026; Raid 06/05/2026.
  • European Commission: Chocolate confectionery; Unknown; Restrictive agreements and abuse of dominance; PR 13/04/2026; Raid Unknown.
  • Commission for Protection of Competition (Bulgaria): IT equipment; 2 unknown undertakings; Restrictive agreements—bid rigging; PR 01/04/2026; Raid 01/04/2026.
  • Autorità Garante della Concorrenza e del Mercato (Italy): Meal vouchers and substitute canteen services; Edenred; Abuse of dominance; PR 26/03/2026; Raid 25/03/2026.
  • Anti-monopoly Office (Slovakia): Optical networks; 4 unknown undertakings; Abuse of dominance and vertical agreements; PR 25/03/2026; Raid 17/03/2026–20/03/2026.
  • CNMC (Spain): Insurance; Unknown; Restrictive agreements; PR 06/03/2026; Raid 24/02/2026–26/02/2026.
  • Competition Council (Latvia): Food retail; Unknown; Restrictive agreements—price fixing; PR 02/03/2026; Raid 26/02/2026.
  • Belgian Competition Authority (Belgium): Road signage...
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
Web page updated on 28/05/2026

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow