Poundland has until May 8 to decide if it will pull out of its bid to acquire 99p Stores, or face a detailed probe from the competition authorities.
An initial probe by the Competition and Markets Authority found that the £55m takeover, first revealed in February, could worsen the position for shoppers in 80 shopping areas across the UK, due to a potential “reduction in quality”, fewer promotions and store closures stemming from a lack of competition.
Poundland, earlier this month asked the CMA for a three-week suspension to give it more time to decide which route it would take.
Full Content: The Guardian
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