Racedo
The substantive issue of the CMA finding was that the FR holding could
substantially reduce competition. They had the authority to investigate and they ordered the selling down to 5%. You will appeal and appeal and, like a 2 year old, push everyone to the limit of their reason trying to get your way, but you will only succeed in annoying more and more people. Please keep up the good work in that regard.
There has been no offer, as you said, so your extremely minor argument about blocking a possible takeover isn't even a valid point yet. And the funny thing is, it will only be a valid argument if FR agree to sell.
If there is no offer there is no point.
If there is an offer and FR don't sell, it actually reinforces the CMA finding.
So as I see it, either way FR has to sell.