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Steinhoff snaps up Poundland for £597m

Published: 14 July 2016
Poundland has accepted a 220p-a-share bid from South African retailer Steinhoff after reportedly rejecting an undisclosed cash offer from the company last month.
Steinhoff snaps up Poundland for £597m
It comes after Steinhoff's last minute withdrawal from its battle with Sainsburys for Argos.

Poundland has suffered a recent downturn in sales following a difficult and length takeover of rival 99p Stores. Pre-tax profits fell 13.5% to £37.8m in the year to March 27, with bottom-line pre-tax profits plummeting 83.7% to £5.9m.

Steinhoff had reportedly built up a 23.6% stake in Poundland in the weeks leading up to its winning bid. Poundland's chairman Darren Shapland said the deal gave investors "an opportunity to realise their shareholding at a certain and attractive price."

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14 July 2016 01:01:00
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