Probe into Poundland plans: Discount chain's £55million acquisition of 99p Stores

DISCOUNT chain Poundland's proposed £55million acquisition of rival 99p Stores faces a lengthy investigation by regulators.

Poundland storePA

Poundland plans to takeover 99p stores

The Competition and Markets Authority said it would refer the deal for an in-depth probe "unless acceptable undertakings are offered".

FTSE 250 company Poundland said it is "carefully considering" the CMA's announcement.

The CMA warned of a "substantial lessening of competition" in 80 local areas where the companies overlap, and in 12 areas where they will compete in the near future.

The proposed takeover adds about 250 stores to Poundland's 530-plus UK outlets.

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