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Steinhoff may have to increase Poundland bid

Poundland shutterstock_317914640 1 725 x 500

It has been reported that Poundland's second largest investor, US hedge fund Elliott, is unhappy at Steinhoff International Holdings NV's share price offer of 220p per share, which values the business at around £600 million. 

Anonymous senior City sources have revealed that Elliott - which has a reputation for intervening in takeover deals to force bidders to increase their offers - believes that the offer is inadequate, but has yet to act on the matter.

Elliott owns a a 17.5% stake in Poundland and, given that Steinhoff needs shareholder approval of 75% to complete the acquisition, could make life difficult for the South African conglomerate if it decides to push for a higher figure.

This week, Steinhoff acquired US bed retailer Mattressman for approximately $2.4 billion.

A source close to Steinhoff reportedly told The Telegraph that CEO Markus Jooste will not be forced into overpaying for acquisitions, evidenced from Steinhoff's recent battles with Sainsbury's and French electrical chain Fnac, over the acquisitions of Home Retail Group and Darty, respectively. 

Image: James W Copeland / 

Source : Insight DIY

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09 August 2016

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

Martin Elliott. Chief Executive - Home Hardware.

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