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ACCC blocks acquisition
The company that controls Australian Administration Services, Link Market Services, has found itself rebuffed by the Australian Competition and Consumer Commission (ACCC) over its bid to acquire a specialist securities registration business, Registries Limited.
The competition regulator announced that it intends to oppose the acquisition because it has concluded it would be likely to substantially lessen competition in the national market for securities registration and related services to listed companies and other entities with similar requirements, leading to higher prices and reduced quality of service.
The regulator said it had conducted extensive enquiries with listed companies, registry service providers, the Australian Securities Exchange and other interested parties.
"These enquiries indicated that the proposed acquisition would remove one of a [very small number] of registry service providers, leaving the merged firm and Computershare as the two largest, with two very small competitors," the ACCC announcement said. It said in addition, its enquiries had revealed that Registries currently plays an important role in the market, aggressively marketing and discounting its services to attract new clients.
"The proposed acquisition would therefore remove an important competitive discipline on Link and the only other major competitor, Computershare, leading to higher prices and reduced pressure to improve services," the ACCC announcement said.
AUTHOR
Mike Taylor
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