Jurisdiction(s):
United Kingdom

Key definition

Convertible definition

What does Convertible mean? In practice, a convertible (often a convertible bond or convertible loan note/CLN) is a debt instrument that pays interest and gives the holder a contractual right to convert the principal (and sometimes accrued interest) into shares of the issuing company on stated terms. It is a descriptive market expression rather than a term defined in the Companies Acts, though UK and EU/Irish securities rules refer to “convertible securities” for prospectus, listing and market abuse purposes. Key features typically include: a fixed or accruing coupon; a maturity date; a conversion price or formula (e.g. discount to a future...

CMA phase 2 final report prohibits Hunter Douglas’s 2019 acquisition of 247 Home Furnishings Ltd; SLC in UK online made-to-measure blinds; orders 51% partial divestiture

Published by a LexisNexis Competition expert

Practice notes

CASE HUB Archived —this archived case hub reflects the position at the date of the decision of 14 September 2020; it is no longer maintained. See further, timeline.

Case facts

Outline of a UK merger inquiry into the completed purchase by Hunter Douglas N.V. of Convertible Loan Notes and specified rights in 247 Home Furnishings Ltd in 2013 (2013 Transaction), and the later completed purchase by Hunter Douglas N.V. of a controlling stake in 247 Home Furnishings Ltd in 2019 (2019 Transaction) (together, the Transactions). The Transactions give rise to horizontal overlaps in the supply of window furnishings, such as blinds, shutters and curtains.

Latest developments

On 14 September 2020, the CMA published its final report from its phase 2 review, concluding that the transaction has led to, or could be expected to lead to, an SLC in the online supply of made-to-measure blinds in the UK. In particular, the CMA concluded that the deal removes a close rival from this market, creating the ability and incentive for the merged business to raise retail prices, degrade product quality or customer service, and/or narrow the breadth of its products/services. Consequently, the CMA blocked the deal and required a partial divestiture of...

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Web page updated on 21/05/2026

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