I think the ACCC has taken a narrow definition of the market - as there are options outside of heatset printing (including digital).
Hopefully the ACCC will take into account that the major customers of the printing industry are big players themselves (i.e. WOW, WES, etc.) and would simply talk their own book if asked for feedback.
ACCC concerns about 'foreclosures' in the industry seem strange. The industry already suffers from substantial printing overcapacity and the industry as a whole is in decline - if the merger happens it would, if anything, accelerate the inevitable (i.e. smaller printers leaving the industry because they don't have the economies of scale to compete with the major players on price).
If the merger doesn't go through PMP will still be generating FCF in excess of profits in the near term and revert to the previous strategy of 100% dividend payout ratios and share buybacks.
PMP Price at posting:
64.0¢ Sentiment: Hold Disclosure: Held
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