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Liberum says Poundland shareholders should accept Steinhoff offer

13 July 2016 13:30

Liberum Capital has upgraded its investment rating on Poundland (LON:PLND) to 'hold' from 'sell' after the discount retailer confirmed that a cash offer at 222 pence per share from Steinhoff was unanimously approved by directors.

The broker said: "The recommended cash offer is a good result for PLND shareholders and comes at a time when there was more downside risk that upside in our view.

"The cash offer of 222p is highly attractive and we would advise shareholders to accept."

Analysts have upped their target price to 222 pence per share from 125 pence.

At 1:30pm: (LON:PLND) Poundland Group share price was +24.63p at 220.63p

Story provided by StockMarketWire.com

Related Company: PLND

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