Jurisdiction(s):
United Kingdom

Key definition

Abandonment definition

What does Abandonment mean? Abandonment describes, in pensions practice, steps by an employer to sever or materially reduce its ongoing support for an occupational pension scheme—typically a defined benefit (DB) scheme—so the scheme becomes effectively independent of its sponsor (for example, by removing or replacing the statutory employer with a weak vehicle, leaving no meaningful employer covenant). The term is not defined in legislation or case law; it is a descriptive expression used in regulatory guidance and practitioner discourse. Across England & Wales, Scotland and Northern Ireland, such activity engages The Pensions Regulator’s anti-avoidance regime and may warrant seeking clearance. TPR can issue...

UK CMA merger case: McGraw-Hill/Cengage higher education textbooks: Phase 2 referral with 51 course concerns; investigation cancelled following abandonment (2020)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub sets out the position as at 4 May 2020, when the investigation was cancelled following the Abandonment of the transaction; it is no longer maintained. See further, timeline.

Case facts

Outline of a UK merger investigation into the proposed Acquisition by McGraw Hill Education, Inc of Cengage Holdings II, Inc. The transaction featured horizontal overlaps in the provision of Higher education textbooks.

Latest developments

On 5 May 2020, the CMA formally ended its phase 2 inquiry after the parties chose to abandon the proposed transaction.

Parties

McGraw-Hill Education, Inc (MHE): MHE is a US-based publisher of educational materials. It provides content, tools and services via print, digital and hybrid solutions for pre-nursery, secondary school, college, University and professional learning, and serves information markets on a worldwide basis.
Cengage Holdings II, In (Cengage): Cengage is a US-based developer of learning solutions. It offers courses for instructor and trainer development, supplementary materials, certifications, and online training services. Cengage Learning operates worldwide...

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Web page updated on 22/05/2026

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