Easons Acquires Argosy
According to a letter sent to publishers, Group Head of Commercial Trading at Eason, Keith Butler wrote, ‘Eason have taken the initiative of asking the Competition Authority to review the arrangements as part of the normal course of completing a deal of this nature.’
As noted above, the Competition Authority is investigating the acquisition and the authority has issued a questionnaire to publishers (here for download) seeking their feedback on the proposed deal which must be returned to them by midday on Monday 10th September.
Butler also wrote that, ‘Unfortunately, until the Competition Authority has completed its review, neither we nor Argosy will be in a position to communicate the full details of the plans, either in relation to the wholesale or the IBD distribution businesses. This process is expected to take a number of weeks, but please rest assured that we will communicate fully with you as soon as we are able, and seek to address any queries or concerns you may have as a matter of priority.’
Butler also noted, ‘In the meantime there will be no change in our existing trading agreements.’