1 Introduction

1.01 The term ‘merger’ as used by company and competition law refers to a broad range of corporate transactions. 1 Simply put, however, a merger is the consolidation of two independent entities. An acquisition occurs when one company buys another, whether through a friendly transaction in which the companies cooperate during negotiations or through a ‘hostile’ acquisition in which the takeover target is unwilling or had no prior knowledge of the offer. 2 1.02 In a typical merger, the boards of directors of two firms first agree to combine and then if relevant seek...