The UK’s Competition and Markets Authority (CMA) is starting to cause problems for technology companies fixated on acquiring their way to a powerful network position. The regulator announced it has decided to investigate the merger between London-based Just Eat and Amsterdam-based Takeaway only days after the two parties had assumed the deal was in the bag.

In mid-January, after an almost seven-month battle with Prosus, Takeaway declared victory when 80% of Just Eat shareholders backed their share swap offer over Prosus’s cash offer...

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