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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."

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