Article 39 — Impact of competition law procedures on the timing or the successful outcome of the bid

1. Member States shall ensure that, where there is an appreciable risk of a delay ensuing from a competition law procedure or of a negative decision by a competition authority in relation to a bid submitted in the course of the preparation phase, the monitor or the debtor takes appropriate steps for alternative bids to be submitted. 2. Member States shall ensure that the monitor can receive information on the applicable competition law procedures and on any outcome of such procedures that might affect the timing or the successful outcome of the bid, provided that the disclosure of information by the competition authority is not contrary to national rules on the protection of business secrets. In that regard, the monitor shall be subject to a duty of confidentiality in accordance with national law. 3. Member States shall ensure that a bid may be disregarded where it entails an appreciable risk of a delay as referred to in paragraph 1, provided that both of the following conditions apply: (a) the bid is not the only bid; and (b) the delay in the conclusion of the sale to the bidder concerned would result in damage to the debtor’s business or part thereof.