U.K. regulator the Office of Fair Trading has delayed its decision on whether to refer HMV Group’s proposed takeover of bookselling business Ottakar’s to the country’s Competition Commission.
The OFT has informed the two companies that it expects to announce a decision in the week commencing Dec. 5. Its decision was scheduled to be published today (Dec. 2).
HMV, Britain’s market-leading specialist music retailer, launched a cash takeover bid for Ottakar’s Plc in September in a deal valuing the U.K. bookseller at about £96.4 million ($177.26 million).
HMV, which already owns the Waterstone’s bookseller chain, said its offer for Ottakar’s would remain open for acceptance until Dec. 14, a week later than the previous deadline.
Ottakar’s was founded in 1987 by its current managing director James Heneage and chairman Philip Dunne. It currently has more than 130 branches.