Steinhoff to make new Poundland bid within day
Steinhoff International (ETR:SHF), the South Africa-based conglomerate, is to make a revised offer for British retailer Poundland (LON:PLND) within the next few days, The Sunday Telegraph reported. The unsourced report said Steinhoff’s bid will be worth more than GBP 600m (USD 777m) and will come before a bid deadline on Wednesday, 13 July.
Poundland has already turned down a proposal from Steinhoff, which has built up a 23.6% holding in the mono-price retailer, the report said.
Analysts had previously expected Steinhoff would need to increase its offer to between GBP 2.20 and GBP 2.30 per share but in the wake of the UK’s vote to leave the European Union, Poundland’s shares have fallen to around the GBP 1.80 level, the report noted.