Steinhoff raises Poundland offer by 5p a share – enough for Greenmailer?
Steinhoff International raised its agreed bid for U.K. discount chain Poundland, after an activist investor built a stake that threatened to derail the deal.
Steinhoff International raised its agreed bid for U.K. discount chain Poundland, after an activist investor built a stake that threatened to derail the deal.
Shareholders are clearly nervous that in its haste, Steinhoff might overpay for Mattress Firm – and be forced to repent at leisure.
Steinhoff’s R52bn bid for US-based Mattress Firm sets Christo Wiese up for the best 75th birthday present any super entrepreneur could ask for.
Steinhoff International agreed to buy Mattress Firm for about $2.4 billion, a deal that vaults the South African discount retailer into the U.S. market while creating the world’s largest bedding giant.
Elliott Associates has acquired 16.37% of Poundland, according to a filing on Friday. That makes what looked like a tidy deal for Steinhoff into a much more messy affair.
Poundland, the discount store, recommended a cash offer of 222 pence per share from Steinhoff, valuing it at just under 600 million pounds ($795 million).
Steinhoff agreed to buy UK discount chain Poundland for $794 million, succeeding with its third attempt this year to expand its European retailing business.
Steinhoff bought a 23 percent stake in no-frills retailer Poundland and was considering a full cash bid, the company said on June 15.
Steinhoff acquired almost a quarter of Poundland’s shares as the company stages its latest attempt to buy a European retailer after twice being denied in recent months.
Steinhoff is considering making a takeover offer for Poundland, it said on Wednesday, sending shares in the British discount chain surging.