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Poundland agrees higher takeover offer from Steinhoff
Steinhoff International Holdings NV raised its agreed bid for United Kingdom discount chain Poundland Group Plc after an activist investor built a stake that threatened to derail the deal.
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Steinhoff had originally agreed a 222p-a-share deal worth £597 million last month, but within days the United States activist had increased its stake, reportedly with plans to bump up the deal – so-called “bumpitrage”.
This values Poundland at GBP610.4 million, and represents a 7p increase over the previous 220p offer in July.
Steinhoff said that the new revised offer was final.
Each Poundland shareholder could now receive 227p per share, comprising 225p in cash and a final dividend of 2p per share, which was announced by the business in its financial results for the year to 27 March 2016.
“Steinhoff is a well-capitalised, global business with a clear and proven commitment to value retailing”.
Elliott has a track record of “bumpitrage” and muscling in on takeovers, having played a part in pushing for a better offer from brewing giant Anheuser-Busch InBev for SABMiller.
Poundland has around 18,000 staff across more than 900 stores and is headquartered in Willenhall, near Wolverhampton.
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Steinhoff already owns a 23.52 per cent chunk of Poundland – which it increased from 23.26 per cent at the end of June. The Poundland deal should be third time lucky after it failed to secure Britain’s Home Retail, which owns Argos, and was also unsuccessful in a bid for Darty in France. Shares in Poundland were trading down 1.5% at 220.75 pence on Thursday morning.