The extended deadline means that MS now has to decide if it will risk another Billion Dollars pursuing this deal even though they would have to litigate the merits of the deal after closing (absent a settlement and/or an extension beyond all regulatory and court challenges). Before this extension, MS only had to decide if it would risk another 1/2 Billion in the short term while waiting to see how many fights they really have to get this approved. As an aside, the reason is that the termination fee goes from 2 Billion now, to 2.5 Billion on 1/18. And then from 2.5 Billion to 3 Billion on 4/18.
https://www.marketwatch.com/story/a...icrosoft-buyout-deal-is-terminated-2022-01-19 is the source for the escalating fees.
Some people seem confident the CMA will approve this. Maybe they will, but this delay alone puts MS in a really tough spot. Having to bet another BILLION dollars on approval with one challenge already started in baby steps phase, and another major country's decision reserved until after the bet locks in, is an incredibly difficult decision I would think.
Right now I wouldn't be shocked if top MS people are already setting up meetings to discuss whether to let gaming continue this pursuit. Of course, they are such a big company maybe they couldn't care less about the risk. But one thing seems sure, and that is EU now has more power than anyone in this deal today. If EU says no, or delays decision until after 4/18, then I bet MS walks.