6th May 2015 06:39
LONDON (Alliance News) - Poundland Group PLC on Wednesday said it has decided to proceed with the phase-two review of its GBP55 million takeover of rival 99p Stores Ltd by the UK's Competition and Markets Authority.
FTSE 250-listed Poundland said in April it had decided not to offer any remedies to the competition regulator and had written to the CMA to request the standard three-week suspension of the start of the phase two review of the deal.
But the discount retailer said that since then, it has "considered its options carefully" and has decided to proceed with the review.
"Poundland looks forward to working with the CMA in Phase II. Poundland remains confident that the combination of the two businesses will provide better choice, value and service for 99p Stores' customers and represents a great deal for all stakeholders in both businesses," the company said in a statement.
"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," added Poundland Chief Executive Jim McCarthy.
By Sam Unsted; [email protected]; @SamUAtAlliance
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