Poundland (PLND) has agreed a takeover offer with international retail group Steinhoff, making it third time lucky for the South African company after its failed bids for Home Retail (HOME) and Darty (DTY).
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The UK discount retailer's shareholders will receive 222p per share, comprising a 220p cash payment and the 2p final dividend announced in the full-year results. This represents a 13 per cent premium to the last market price prior to the announcement, and 40 per cent above the closing price prior to Steinhoff's first purchase of shares.
The retail group is building a "fast-growing, price-led" retail operation across the UK and Europe. Beyond that, there isn't great detail yet about Steinhoff's plan for its target.
