TopCashback / Quidco merger inquiry

The CMA is investigating the anticipated acquisition by Top Online Partners Group Limited of Maple Syrup Group Limited.

From:
Competition and Markets Authority
Published
7 November 2018
Last updated
21 March 2019 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 2 cancellation
Opened:
7 November 2018
Closed:
21 March 2019

Phase 2

Administrative timetable

Date of referral: 16.1.19

Statutory deadline: 23.7.19

Merger reference cancelled

21 March 2019: The CMA has cancelled its merger investigation into Top Online Partners Group Limited anticipated acquisition of Maple Syrup Group Limited.

Issues statement

28 February 2019: The issues statement sets out the scope of the investigation. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

Inquiry group appointed

6 February 2019: The CMA has appointed the inquiry group:

Kirstin Baker (Chair), Paul Muysert and Maria Da Cunha.

Notice of extension of statutory period

Terms of reference

16 January 2019: The CMA has referred the anticipated acquisition by Top Online Partners Group Limited (TopCashback) of Maple Syrup Group Limited and its subsidiaries (Quidco) for an in-depth investigation.

Phase 1

Statutory timetable

Phase 1 date Action
8 February 2019 Decision published
7 January 2019 Decision announced
7 November to 21 November 2018 Invitation to comment
7 November 2018 Launch of merger inquiry

Reference decision

16 January 2019: The CMA has referred the anticipated acquisition by Top Online Partners Group Limited (TopCashback) of Maple Syrup Group Limited and its subsidiaries (Quidco) for an in-depth investigation.

Reference unless undertakings accepted

7 January 2019: 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.

Invitation to comment: closes 21 November 2018

7 November 2018: 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.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Launch of merger inquiry

7 November 2018: The CMA announced the launch of its merger inquiry by notice to the parties.

Contact

Please send written representations about any competition issues to:

general.enquiries@cma.gov.uk

Published 7 November 2018
Last updated 21 March 2019 + show all updates

  1. Merger reference cancelled. Published notice of cancellation of terms of reference.

  2. Notice of extension published.

  3. Reference decision and terms of reference published.

  4. First published.

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