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You certainly can object to the transfer, at any time up until the date the transfer takes place. You do not need to be given that option - it is a legal right that exists regardless. If you do object, then your employment will automatically terminate by way of resignation on the date of the transfer.
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if you opt out you never transfer to the new employer so any restrictions which applied now will not move over to the new employer, however they would still be relevant with the current employer