There was a significant blow to the timeline of Aurivo's takeover of Arrabawn's liquid milk assets on Friday morning, with the announcement by the Competition and Consumer Protection Commission (CCPC) that it has decided to carry out a full phase two investigation into the deal.
According to the CCPC, a phase two investigation can take 120 working days.
However, there can be substantial delays to this timeline should the authority request fresh information from the companies involved.
The move to a phase two investigation also means that third parties have another chance to make submissions on the takeover.
For Aurivo and Arrabawn, the delay will be frustrating, as the deal was originally expected to become effective early this year.
It would not be unreasonable to think Friday's actions by the CCPC could delay the green light until early 2024.
Arrabawn's liquid milk site at Kilconnell, Co Galway, was never part of the deal with Aurivo, so this decision will have no bearing on Arrabawn's plans for that site.