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FORT WORTH - FirstCash (NASDAQ:FCFS) Holdings, Inc.’s indirect subsidiary, Chess Bidco Limited ("Bidco"), has satisfied a key regulatory condition from the Competition and Markets Authority (CMA) for its acquisition of H&T Group (LON:HTGR) PLC, moving one step closer to finalizing the deal. On May 28, 2025, the CMA required no additional information regarding the takeover, effectively meeting the CMA Condition outlined in the acquisition plan.
The transaction, initially announced on May 14, 2025, involves Bidco acquiring the entire issued and to be issued share capital of H&T. This move is to be executed through a Court-sanctioned scheme of arrangement as part of the Companies Act.
Details of the acquisition and the procedural steps will be provided in the scheme document, which is expected to be published and distributed to H&T shareholders around June 4, 2025. The document will outline the acquisition’s timeline and the remaining conditions that must be met for completion. These include the FCA Change in Control Condition, approval from the majorities of Scheme Shareholders at the Court Meeting, H&T Shareholders at the General Meeting, the Court’s sanction at the Court Sanction Hearing, and the delivery of the Scheme Court Order to the Registrar of Companies.
The financial terms of the acquisition have been declared final by Bidco and will not be increased unless a third party announces an offer for H&T or with the consent of the Panel in exceptional circumstances.
This development is a crucial step in the acquisition process, which is carefully regulated to ensure fair competition and market integrity. The information for this article is based on a press release statement.
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