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Ei Group Shares To Delist Following Stonegate Merger Approval

Fri, 14th Feb 2020 10:14

(Alliance News) - Ei Group PLC on Friday said its shares will be cancelled from trading on the London Stock Exchange on March 4.

This comes after the UK Competition & Markets Authority on Friday accepted undertakings from Stonegate Pub Co addressing competition concerns over its acquisition of Ei.

In July 2019, Ei - formerly know as Enterprise Inns - agreed to a GBP1.3 billion takeover offer from Slug & Lettuce-chain owner Stonegate. In December, the CMA said the acquisition did not raise UK-wide competition concerns but noted that there was a possibility that competition may be lessened in 51 local areas and could result in price increases, or lower-quality products and services.

In January, Stonegate submitted undertakings offering to divest 42 pub sites in order to address the concerns raised by the competition regulator regarding the 51 local areas. The undertakings were accepted by the CMA on Friday and will come into effect immediately.

Ei shares were up marginally at 284.46 pence each on Friday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com