Topcashback and Quidco owners abandon merger plans
The owners of the UK's two biggest cashback sites have formally withdrawn plans for a proposed merger.
The competition watchdog, the Competition and Markets Authority (CMA), warned earlier this year that a possible deal between the two could lead to lower cashback rates for shoppers.
But now Top Online Partners Group, which owns TopCashback, and Maple Syrup Group, which owns Quidco, have said that the proposed deal would not be in the best interests of either group.
What do the companies say?
A Quidco spokesperson said: "Further to provisional findings by the CMA and further interactions with them as part of the review, Top Online Partners Group and Maple Syrup Group's boards decided that further pursuit of the proposed deal would not be in the best interests of either group.
"The groups will now pursue their respective growth plans separately."
A Topcashback spokesperson said: "Back in January we received notice that the CMA was referring our proposed deal with Maple Syrup Group to phase two of investigation. Since then, we have been working alongside Maple Syrup Group and very closely with the CMA to attain its approval.
"However, in agreement with Maple Syrup Group, we have taken the decision to discontinue the planned deal and instead remain as independent businesses."