GovWire

Statutory timetable

Phase 1

Undertakings in lieu of reference accepted

18 August 2023: The CMA has accepted undertakings in lieu of reference to a Phase 2 investigation offered by Bestway Panacea Holdings Limited in relation to its completed acquisition of Lexon UK Holdings Limited and Asurex Limited.

• Full text decision (PDF, 189KB) (30.8.23)
• Final undertakings (PDF, 272KB) (18.8.23)

Undertakings in lieu of reference consultation: closed

27 July 2023: The CMA is consulting on proposed undertakings in lieu of a reference to a Phase 2 investigation offered by Bestway Panacea Holdings Limited.

• Notice of consultation (PDF, 137KB) (27.7.23)
• Proposed undertakings (PDF, 281KB) (27.7.23)

CMA to consider undertakings offered

20 June 2023: Bestway Panacea Holdings Limited offered undertakings to the CMA, which involve divesting 7 pharmacy stores. The CMA considers that there are reasonable grounds for believing that the undertakings offered by Bestway, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

• Full text decision (PDF, 149KB) (28.6.23)

Reference unless undertakings accepted

15 June 2023: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (PDF, 265KB) (28.6.23)
• Summary of phase 1 decision (PDF, 106 KB) (15.6.23)
• Press release: Solutions offered to protect consumers in pharmacy deal (15.6.23)

Launch of merger inquiry

26 May 2023: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (PDF, 81.4 KB) (26.5.23)

The date of the CMAs phase 1 decision deadline was incorrect in the commencement notice. The correct date for the deadline is 24 July 2023 and the CMA has updated the notice accordingly.

Invitation to comment: closed on 9 May 2023

24 April 2023: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.These comments should be provided by the deadline set out above.

Initial enforcement order

14 April 2023: The Competition and Markets Authority (CMA) has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Bestway Healthcare Holdings Limited, Bestway Healthcare Finco Limited, Bestway Panacea Holdings Limited, Kericho Holding Limited, Lexon UK Holdings Limited, and Norchem Healthcare Limited. The IEO commenced on 14 April 2023, the day the Parties completed the transaction.

• Initial Enforcement Order (PDF, 231 KB) (17.4.22)

Directions to appoint a monitoring trustee

20 June 2023: Pursuant to the initial enforcement order dated 14 April 2023, the CMA directed Bestway Panacea Holdings Limited to appoint a monitoring trustee.

• Directions to appoint a monitoring trustee (PDF, 213KB) (28.6.23)

Amendments / consents granted:

• Derogation 23 June 2023 (PDF, 129KB)(28.6.23)
• Derogation 21 June 2023 (PDF, 134KB) (28.6.23)
• Derogation 30 May 2023 (PDF, 99KB) (1.6.23)
• Derogation 14 April 2023 (PDF, 147 KB) (24.4.23)

Contact

Send written representations about any competition or public interest issues to general.enquiries@cma.gov.uk.