"The acquirer may quickly take steps to consolidate its investment by removing the parts of its own business that compete with the target. If the CMA were prevented from making orders that impinged on the acquirer's existing business, divestiture at the end of a relatively lengthy process would, by itself, be incapable of either restoring the status quo at the time of the merger or protecting competition in the relevant market."
It looks like the CMA have the right to roll things back as if the merger never took place to the detriment of the acquirer (Facebook). Its likey Giphy won't suffer any losses, rather Facebook will be forced to compensate it, prehaps the plan all along for the VCs :P
"The acquirer may quickly take steps to consolidate its investment by removing the parts of its own business that compete with the target. If the CMA were prevented from making orders that impinged on the acquirer's existing business, divestiture at the end of a relatively lengthy process would, by itself, be incapable of either restoring the status quo at the time of the merger or protecting competition in the relevant market."
It looks like the CMA have the right to roll things back as if the merger never took place to the detriment of the acquirer (Facebook). Its likey Giphy won't suffer any losses, rather Facebook will be forced to compensate it, prehaps the plan all along for the VCs :P