Discounter Dealz snapped up by Steinhoff for £597m

Poundland owns Dealz, which recently announced it will open up to 20 new Irish stores

Poundland has agreed to a £597 million takeover by South African retail group Steinhoff International

Poundland has agreed to a £597 million takeover by South African retail group Steinhoff International

 

South African retail group Steinhoff will bulk up its presence in the British market after agreeing a £597 million (€716m) takeover of single price retailer Poundland, it said on Wednesday.

The deal, which has been recommended by the British company’s board, would see Steinhoff pay 222 pence in cash for each Poundland share.

That offer is comprised of 220 pence per Poundland share as well as a final dividend of 2 pence per share.

The move for Poundland is Steinhoff’s third attempt this year to increase its presence in Europe after walking away from high-profile takeover battles for Britain’s Home Retail and France’s Darty.

Poundland owns Dealz, which last month announced plans to open up to 20 new stores in Ireland.

Reuters