Section 125: Intermediate merger procedure before the Commission.

(1) Within 20 working days after all parties to an intermediate merger have fulfilled all their notification requirements in the prescribed manner and form, the Commission after having considered the merger in terms of section 121 of this Act, may issue a certificate in the prescribed form:
(a) approving the merger;
(b) approving the merger subject to any conditions; or
(c) prohibiting implementation of the merger.
(2) The Commission may extend the period in which it has to consider the proposed merger as provided by subsection (1) of this section by a single period not exceeding 40 working days and, in that case, shall issue an extension certificate to any party who notified it of the merger.
(3) If, upon the expiration of the 20 working days period provided for in subsection (1) of this section or of an extension contemplated in subsection (2) of this section, the Commission has not issued a certificate referred to in subsection (1) of this section, the merger shall be deemed as having been approved, subject to section 127 of this Act.
(4) The Commission shall :
(a) publish a notice of the decision referred to in subsection (2) of this section in the Gazette; and
(b) issue written reasons for the decision if:
(i) it prohibits or conditionally approves the merger, or
(ii) requested to do so by a party to the merger.