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

Published 11 August 2016
Last updated 14 November 2016 + show all updates
  1. Full text of the decision, final undertakings and undertakings in lieu acceptance decision published.
  2. Undertakings in lieu of reference consultation launched.
  3. CMA to consider undertakings announcement added.
  4. Derogation published.
  5. Initial enforcement order published.
  6. Decision announced: reference unless undertakings accepted.
  7. First published.