skip to content

Bids, Mergers and Takeovers

Poundland Group recommends Steinhoff Europe offer

13 July 2016 07:20

Poundland Group has confirmed it has recommended Steinhoff Group's 220p-a-share offer for the company. In addition, the offer also included Poundland's 2p a share final dividend due in September.

The deal values Poundland at about £597m on a fully diluted basis. Steinhoff Group is a subsidiary of Steinhoff International Holdings.

Poundland's chairman, Darren Shapland, said:

"The Poundland Board believes that SEAG's all-cash offer presents Poundland shareholders with an opportunity to realise their shareholding at a certain and attractive price, securing earlier delivery of the Poundland Group's medium term value than could be expected from the ongoing turnaround process against a background of increasing economic uncertainty in the UK and a more challenging trading environment.

"The single-price sector has undergone significant modernisation and professionalisation in recent years and is now a mainstream feature of UK retail.

"Through the hard work and dedication of our many thousands of talented colleagues, Poundland has played a pivotal role in that transformation. Steinhoff is a well-capitalised, international business with a clear and proven commitment to value retailing. They share our vision for the growth and expansion of Poundland and, as such, we believe they are a suitable and appropriate partner for our colleagues, our suppliers and stakeholders."

Story provided by StockMarketWire.com

Related Company: PLND

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.