Future / Miura merger inquiry

The CMA investigated the completed acquisition by Future plc of the entire issued share capital of Miura (Holdings) Limited.

Statutory timetable

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

Phase 1

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.

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.

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.

Amendments/consents granted

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.

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.

Contact

Please send written representations about any competition or public interest to:

John McKellar
Competition and Markets Authority
Victoria House
Southampton Row
London
WC1B 4AD

john.mckellar@cma.gsi.gov.uk

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