Part 1: Digital Markets Chapter 5: Mergers Section 64: Timing of a reportable event
This section provides that in certain cases a reportable event is considered to take place at the point there is an unconditional obligation to proceed with the event. That is, where a reportable event results from an agreement for a designated undertaking or group member to acquire shares or voting rights, or to form a joint venture vehicle, the event is to be treated as taking place for the purposes of the duty to report when the undertaking or group member becomes unconditionally obliged to acquire the shares or voting rights, or to form the joint venture vehicle. Unconditionally obliged means either that there are no conditions that need to be met for the agreement to be executed or that any such conditions have been met. This is to ensure that a reportable event that amounts to a merger is reported before it is treated as taking place under the merger control regime (see section 27 of the Enterprise Act 2002).