Poundland Group PLC Statement Re: CMA (2693M)

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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    [phone] 
  Officer                          7000 
 Philip Dorgan, Head of           [phone] 
  Investor Relations               7000 
 
 Media Enquiries: 
 Citigate Dewe Rogerson 
                                  [phone] 
 Simon Rigby                       2847 
                                  [phone] 
 Angharad Couch                    2941 
 

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