Crowdfunders Call Off Merger After UK Watchdog Casts Doubt
Law360 (March 25, 2021, 2:00 PM EDT) -- Britain's two largest equity crowdfunding platforms, Seedrs and Crowdcube, said Thursday they've scrapped plans for a tie-up in response to a decision a day earlier from the country's antitrust regulator that it was likely to block their merger.
In separate statements, Crowdcube Ltd., represented by Bird & Bird, and Seedrs Ltd., advised by Penningtons, said they agreed to call off their deal after the Competition and Markets Authority said Wednesday their combined business controlling 90% of the market could harm competition.
"We fervently disagree with the CMA's view, but given the low likelihood that they will change their mind at this...
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