On April 6, 2023, the CMA announced an extension of the inquiry period for the Phase 2 investigation of Copart, Inc.’s acquisition of Green Parts Specialist Holdings Ltd (Hills Motors) under section 39(3) of the Enterprise Act 2002. They also published a new administrative timetable.
On December 9, 2022, the CMA referred the completed acquisition by Copart UK Limited, a wholly owned subsidiary of Copart, Inc., to its Chair to form an Inquiry Group under section 22(1) of the Enterprise Act 2002. The group had until May 25, 2023, to prepare and publish their report.
The Inquiry Group decided to extend the reference period by eight weeks until July 20, 2023, but they are aiming to complete their inquiry sooner. They considered the need to analyze additional evidence from third parties, prepare and consult on provisional findings, and allow enough time to prepare a fully reasoned final report within the statutory timeframe. They concluded that they couldn’t finish everything by the original reference period.
Sources www.gov.uk assets.publishing.service.gov.uk www.assets.publishing.service.gov.uk
