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Steinhoff expected to make new bid for Poundland

Poundland - Barry Barnes - shutterstock_331061975 725 x 500

South Africa’s Steinhoff – owner of the Bensons for Beds and Harveys brands in the UK – is expected to make a final attempt to acquire Poundland this week, ahead of the Wednesday deadline that was created after it expressed an interest in the business, last month.

Poundland’s Board rejected the initial, unsolicited offer but this did not put Steinhoff off acquiring further shares in the value retailer, and it currently holds a 23.52% stake in the business.

Shares in Poundland rose in excess of 7% to around 210.20p when the initial offer was announced, but have since dropped to around 180p following a disappointing trading update and news of the UK’s decision to exit the EU.

Analysts have said that the fall in the value of sterling will allow Steinhoff greater room for manoeuvre in terms of a bid, and that the cost of an increased offer would might well be mitigated by currency moves.

 Image : Barry Barnes/Shutterstock

Source : Insight DIY

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11 July 2016

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