SM no longer acquiring Goldilocks
SM Group is no longer acquiring Goldilocks Bakeshop due to changes in commercial environment.
Stella Quimbo, commissioner of the Philippine Competition Commission, said that SM already informed the commission of their decision not to pursue their plan to buyout Goldilocks.
“There were changes in their circumstances and it happened after we approved the commitments,” she said.
For his part, Goldilocks President Richard Yee said “this was a mutual decision, which was jointly agreed upon after a friendly and productive dialogue.”
“Since we first began talks with SM, so much has happened in the marketplace, and many changes have occurred in our respective business environments. This caused us to re-evaluate our position, and to arrive at a decision that we feel is best for both companies,” Yee said in a report.
“We would like to thank the SM group for their intent to partner with us. This is yet another validation of our efforts to strengthen our leadership position. To this end, we remain focused on our plans and strategies, which has allowed us to achieve double-digit growth in the past few years,” he added.