JD Sports has insisted that its £90 million takeover of Footasylum will not be bad for shoppers as it faces a full-scale probe by the UK’s peak competition watchdog.
Following the CMA’s Phase 1 decision on September 19, the watchdog has decided to go ahead with an investigation into the takeover.
The probe is a result of growing concerns that the takeover could potentially result in higher prices and less competition.
JD Sports stated that it has informed the CMA it does not think there are any remedies that it could currently offer to avoid the next stage of the investigation, known as Phase 2.
“The CMA has referred their review of this acquisition to Phase 2 on the basis that it could be bad for competition and may have an impact on price,” JD Sports executive chairman Peter Cowgill said.
Full Content: Reatil Gazzette
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