Future / Miura merger inquiry
The CMA investigated the completed acquisition by Future plc of the entire issued share capital of Miura (Holdings) Limited.
|Phase 1 date||Action|
|14 November 2016||Undertakings in lieu of reference accepted|
|7 October 2016||Initial enforcement order|
|7 October 2016||Decision announced|
|11 to 25 August 2016||Invitation to comment|
|11 August 2016||Launch of merger inquiry|
Undertakings in lieu of reference accepted
14 November 2016: The CMA has accepted undertakings in lieu of reference for the completed acquisition by Future plc of the entire issued share capital of Miura (Holdings) Limited. A copy of the undertakings and the decision are available below.
- Future final undertakings (14.11.16)
- UIL acceptance decision (14.11.16)
- News story: CMA accepts remedies in specialist magazines merger (14.11.16)
Undertakings in lieu of reference consultation: Now closed
25 October 2016: We are consulting on proposed undertakings in lieu of a reference for the completed acquisition by Future plc of the entire issued share capital of Miura (Holdings) Limited.
CMA to consider undertakings offered
20 October 2016: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Future plc, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the decision is available below.
- Decision that undertakings might be accepted (20.10.16)
Initial enforcement order
7 October 2016: An initial enforcement order under section 72(2) of the Enterprise Act 2002 was put in place against Future plc and Miura (Holdings) Limited by the CMA.
- Initial enforcement order (11.10.16)
- Derogation 11 October 2016 (12.10.16)
Reference unless undertakings accepted
7 October 2016: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns. The full text of the decision is available below.
Full text decision (14.11.16)
Press release: Specialist magazines merger could face in-depth investigation (7.10.16)
Invitation to comment: Now closed
11 August 2016: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
Launch of merger inquiry
11 August 2016: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement of initial period notice (11.8.16)
Please send written representations about any competition or public interest to:
Competition and Markets Authority
Published: 11 August 2016
Updated: 14 November 2016
Opened: 11 August 2016
Closed: 14 November 2016
- Full text of the decision, final undertakings and undertakings in lieu acceptance decision published.
- Undertakings in lieu of reference consultation launched.
- CMA to consider undertakings announcement added.
- Derogation published.
- Initial enforcement order published.
- Decision announced: reference unless undertakings accepted.
- First published.
Case type: Mergers
Case state: Closed
Market sector: Communications