Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55 million.
The Competition and Markets Authority (CMA) previously said the tie-up could create “a realistic prospect of less competition” in 80 local areas – and an additional 12 areas where they will be competitors in the near future.
It said a successful deal would mean the newly formed group had just one main competitor, Poundworld, alongside other discount retailers such as B&M, Home Bargains, Wilko and Poundstretcher.
Poundland had previously said that it had decided not to offer remedies to the CMA and had written to the CMA to request the standard three week suspension of the commencement of a Phase II review.
“Since then, Poundland has considered its options carefully and today announces that it wishes to proceed with a Phase II review,” it said in a statement on the London Stock Exchange today.
We look forward to working with the CMA in Phase II in order to ensure that we can deliver an improvement in choice, value and service for 99p Stores’ customers,” Jim McCarthy, Chief Executive of Poundland, said.
Full content: BBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI