dawn raid

dawn raid
1) This term has two potential meanings:
• In the context of UK takeovers, an attempt by a potential bidder to acquire a significant stake in a target in the market in a short space of time as the market opens.
• In the context of competition law, a surprise inspection carried out by the officials of the competition authorities at the premises of the business or businesses suspected, to obtain incriminating evidence.
2) Competition regulators have wide powers of cartel investigation. These include the power to turn up at business or residential premises without prior notification and seize evidence. These visits are colloquially called dawn raids because the investigators often arrive early in the morning (but they can happen at any time of day).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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