As previously reported by the Financial Times, the UK Court of Appeals has upheld the verdict before Meta (Facebook’s parent company) withdrew its acquisition of Giphy.
The ruling comes more than six months after an initial ruling by the UK Competition and Markets Commission (CMA) and more than two years after it announced its intention to acquire Meta, according to The Verge technology website.
However, the ruling was not a complete defeat for Meta. In five of the six cases, the Court of Appeals ruled in favor of CMA, but ruled that CMA had failed to properly inform Meta of its acquisition of Snapchat Gfycat. One year after learning of the verdict, the court will decide in the coming weeks in consultation with the meta and CMA how to rectify this error, undermining the security of the company.
However, this ruling presents a difficult path to the proposed acquisition, and the court has broadly affirmed the reason presented in the judgment and is unlikely to rescind it altogether, thus leaving the difficult task of complicating the contract to Mita.
While approaching the comment, META emphasized its support for the claim and its broader judgment, saying MITA spokeswoman Christopher Scroo said: “CMA’s approach to its investigations is ‘difficult to defend’ and ‘undermines the whole decision’,” to understand how to address these shortcomings. We look forward to seeing you there, and we firmly believe that our investment will enhance the millions of people, companies and partners who use the Giphy product.
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