Relevant Document:137th Judgment Session AgendaTakeaways
- The tribunal for Brazil’s Administrative Council for Economic Defense, or CADE, will not present Disney’s bid for certain assets of 21st Century Fox for discussion at the judgment session on Feb. 13.
- Brazil’s antitrust authority is awaiting the receipt of additional information from market participants regarding the sufficiency of behavioral or structural remedies to address competition concerns in the Fox/Disney transaction. Market participants are set to respond to CADE’s request for information by today, Feb. 7, at the earliest. Companies have requested extensions by up to 15 days to submit data, including Simba Content, Viacom, RedeTV and RecordTV.
- The next judgment sessions following the Feb. 13 meeting are scheduled for Feb. 27 and March 20.
The tribunal for Brazil’s Administrative Council for Economic Defense, or CADE, will not issue a decision on the Fox/Disney merger at its next judgment session on Feb. 13. This morning, Feb. 7, CADE released the agenda for the tribunal’s Feb. 13 judgment session, which did not include the transaction for discussion.
As Reorg M&A previously
reported, the tribunal requested that market participants indicate by today whether structural or behavioral remedies would sufficiently address CADE’s concerns about potential harm to competition resulting from the merger. Guilherme Ribas, an antitrust practitioner at the firm TozziniFreire Advogados in Brazil told Reorg M&A that CADE “will not necessarily take into consideration all the aspects submitted by these third parties.” But the information the participants submit “may be relevant to the outcome of the case,” he added.
Companies have requested extensions by up to 15 days to submit data, including Simba Content, Viacom, RedeTV and RecordTV.
The next judgment sessions following the Feb. 13 meeting are scheduled for Feb. 27 and March 20.
Reorg M&A’s previous coverage of this transaction can be found
HERE.
--Hannah Deichman and Alexandra Wilts