Breakingviews – UK antitrust bark is worse than bite in cyber deal
Competition investigations are a nightmare for companies and their advisors. Yet a UK cyber deal shows they can also be an opportunity for bold investors. In March, the UK’s Competition and Markets Authority launched a deeper so-called phase 2 investigation into U.S. cyber company NortonLifeLock’s up to 6.2 billion pound takeover of UK peer Avast , sending the target’s shares down sharply . Yet on Wednesday, the antitrust watchdog backtracked, and provisionally approved the deal. Avast’s shares jumped 42% back to the offer price.