Poundland Group PLC Statement Re: CMA (2693M)
06 May 2015 - 4:02PM
UK Regulatory
TIDMPLND
RNS Number : 2693M
Poundland Group PLC
06 May 2015
6 May 2015
POUNDLAND GROUP PLC
Poundland's proposed acquisition of 99p Stores Ltd - decision to
proceed with a Phase II review by the CMA
On 9 April, 2015, the UK Competition and Markets Authority
("CMA") published its review of the proposed acquisition of 99p
Stores Ltd ("99p Stores") by Poundland Group plc ("Poundland"). On
17 April, 2015, Poundland announced 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.
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.
Commenting on the today's announcement, Jim McCarthy, Chief
Executive of Poundland, 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."
Further information on the CMA's investigation into Poundland's
proposed acquisition of 99p Stores is available at:
https://www.gov.uk/cma-cases/poundland-99p-stores-merger-inquiry.
Investor Enquiries:
Nick Hateley, Chief Financial +44 (0) 121 568
Officer 7000
Philip Dorgan, Head of +44 (0) 121 568
Investor Relations 7000
Media Enquiries:
Citigate Dewe Rogerson
+44 (0) 207 282
Simon Rigby 2847
+44 (0) 207 282
Angharad Couch 2941
This information is provided by RNS
The company news service from the London Stock Exchange
END
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