Withholding of information by the transferee or merging companyU.K.
42.—(1) Neither a transferee company nor a merging company is required to disclose any information or document to a person for the purposes of this Part where the nature of the information or document is such that, according to objective criteria, the disclosure of the information or document would seriously harm the functioning of, or would be prejudicial to the transferee company or merging company.
(2) Where there is a dispute between the transferee company or merging company and—
(a)where a special negotiating body has been appointed or elected, a member of that body; or
(b)where no special negotiating body has been elected or appointed, an employee,
as to whether the nature of any information or document is such as is described in paragraph (1), the transferee company or merging company or a person referred to in sub-paragraph (a) or (b) may apply to the CAC for a declaration as to whether the information or document is of such a nature.
(3) If the CAC makes a declaration that the disclosure of the information or document in question would not, according to objective criteria, be seriously harmful or prejudicial as mentioned in paragraph (1), the CAC shall order the transferee company or merging company to disclose the information or document.
(4) An order under paragraph (3) shall specify—
(a)the information or document to be disclosed;
(b)the person or persons to whom the information or document is to be disclosed;
(c)any terms on which the information or document is to be disclosed; and
(d)the date before which the information or document is to be disclosed.