LONDON (dpa-AFX) - Barratt (BDEV.L) and Redrow (RDW.L) said they are continuing to engage with the CMA with the objective of agreeing suitable undertakings which would address the CMA's limited concerns and avoid the need for a reference to a full Phase 2 investigation. The companies noted that clearance from the CMA in respect of the combination is a condition to the combination. Further to the CMA's announcement on 8 August 2024, Barratt and Redrow announce that Barratt has waived the CMA Condition to the Scheme and the parties now intend to complete the combination later this week.
Barratt and Redrow expect the CMA to impose an initial enforcement order on the parties, preventing any action which might prejudice the CMA's process. As a result, Barratt and Redrow would be prevented from integrating their businesses, until the proposed undertakings have been agreed with the CMA or the CMA otherwise agrees to such actions taking place.
Redrow has confirmed that it will seek the Court's sanction of the Scheme and the Court Sanction Hearing has been scheduled to be held on 20 August 2024.
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