Ottakar’s
Advising Ottakar's on its takeover by HMV/Waterstone's.
This deal involved an in-depth investigation by the Competition Commission into book retailing. Although generating more complaints than any other previous case it was cleared unconditionally.
Our client received competing bids from management and HMV/Waterstone's. Although HMV/Waterstone's bid was higher, it raised potential competition issues and we advised Ottakar's that, although a reference to the Competition Commission was likely, we believed it would ultimately be cleared. On that advice the board switched its recommendation from management's offer to the bid from HMV/Waterstone's. Our advice was wholly accurate and the deal was unconditionally cleared, thereby achieving the best result for shareholders.