Probed Poundland defiant over 99p Stores takeover
POUNDLAND has kept alive its proposed £55million takeover of rival 99p Stores after agreeing to a probe by the competition regulator.
Poundland are looking to takeover 99p Stores
The Competition and Markets Authority warned in its initial findings of a “substantial lessening of competition” in 80 local areas where the companies overlap.
This raised the prospect of Poundland walking away from the deal.
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.
But chief executive Jim McCarthy said: “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.”
A decision is likely by October.