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Jurisdiction(s):
United Kingdom
Key definition
London Stock Exchange definition

What does London Stock Exchange mean? In practice, “London Stock Exchange” refers to the marketplace operated by London Stock Exchange plc where equity and debt securities are admitted to trading and traded. Lawyers use it chiefly to distinguish between the Main Market (a UK regulated market) and AIM (a multilateral trading facility with a lighter, disclosure‑driven regime). London Stock Exchange plc is a Recognised Investment Exchange under Part XVIII of the Financial Services and Markets Act 2000. The expression itself is descriptive; the relevant legal concepts are defined in FSMA, the UK Markets in Financial Instruments framework and the Exchange’s rulebooks. Key legal features and significance: - Main Market...

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UK CMA Phase 2 unconditional clearance of Poundland/99p Stores merger: wider market definition; no SLC locally or nationally; no remedies

Practice notes
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CASE HUB ARCHIVED

This archived case hub reflects the position as at the decision date of 18 September 2015; it is no longer being maintained. See the timeline and commentary for further detail.

Case facts

Outline of a UK merger inquiry into Poundland plc’s anticipated purchase of 99p Stores Ltd. The deal creates a horizontal overlap within value retail. The CMA cleared the merger after a phase 2 investigation on 18/09/2015.

Latest developments

On 18 September 2015, the CMA unconditionally approved the transaction, confirming its provisional findings.

Parties

  • Poundland plc, based in the UK and listed on the London Stock Exchange, is Europe’s largest single-price value general merchandise retailer. It operates over 600 stores across the UK, Republic of Ireland and Spain (trading under the ‘Dealz’ brand in the Republic of Ireland and Spain).
  • 99p Stores Ltd is a family-owned and run UK company with 251 stores under two brands—‘99p Stores’ and ‘Family Bargains’.

Background

On 6 February 2015, it was announced that Poundland plc had agreed to acquire 99p Stores Ltd. The total consideration is £55m (comprised of £47.5m in case and £7.5m in new Poundland Shares)...

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Web page updated on 22/05/2026

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