BREAKING: Competition Authority Kills Eason’s Takeover Of Argosy
Following a month-long investigation of the proposed Eason acquisition of Argosy, the Competition Authority has intervened under the Competition Act 2002 to prevent the deal moving ahead.
The Authority felt that the deal ‘would have reduced the number of new book wholesalers based in the State from two to one’ and that ‘given the absence of credible actual and potential competitors and the wide gap between Eason and the only significant alternative suppliers in the State (that is, UK wholesalers and publishers) … the deal ‘would have resulted in increased prices and a reduction in the range of new books to consumers’.
Easons and Argosy have ‘informed the Authority that they will not implement the agreement. Eason and Argosy have also committed to giving the Authority 30 days advance notice of any similar arrangement, for one year.’