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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."

Comments

14 July 2016 01:01:00
By Anonymous
Kevin obryne failed to achieve sweet f/a at B&Q but as normal Ceo failure is rewarded by golden handshake and a new Ceo position in the old boy network, then they wonder why the new company fares just as badly as the one they left, it's because you are overpaid and crap at your job, like a parasite living off the hard work of the poor paid staff on the shop floor. But don't worry kevin you are just a small step away from another golden handshake and a new Ceo post

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