‘Barriers to exit’ in Bulgarian Merger Control
By 19 July 2018 the Bulgarian competition authority (“the Bulgarian NCA”/ “CPC”) had never blocked a transaction in a merger control procedure.[1] Since then, CPC has prohibited a total of 4 concentrations[2], including proposed acquisitions of the Bulgarian subsidiaries of CEZ A.S. (“CEZ BG group”) by various investors twice.[3] The last prohibition occurred on 24…