l April 29 – Airtours notifies the European Commission’s competition department it is has put in a hostile £852m bid for First Choice. Thomson reacts by declaring it plans to raise capacity and launch a no-frills budget brand. First Choice announces it believes the Airtours bid will not overcome EC competition regulations as quickly as it thinks and that Airtours’ plummeting share prices mean the bid offer is unquantifiable.
l Within three weeks of April 29, the UK’s Competition Commission must declare whether it wishes to become involved in the EC’s inquiry into the competition issues arising from Airtours’ bid. The EC is dealing with the bid because more than 25% of its business is outside the UK.
l Within a month of Airtours notifying the EC, it is possible for the EC to make a decision.
l If the EC states it has serious doubts about the bid, more details are requested.
l By the end of five months, a decision must be reached. If Airtours is refused, it has two months to lodge an appeal to the European Court of Justice.