Poundland shareholders accept Steinhoff offer

The shareholders of discount retailer giant Poundland have accepted Steinhoff’s takeover offer which values the business at more than £610m. 


 Poundland store

Poundland agreed to a £597m takeover in July after initially rejecting the South African retail group's interest.


The recommended offer was upped in August, with Poundland shareholders now set to receive 227p per share, comprising 225p in cash and a final dividend of 2p per share.


At a general meeting held in Willenhall (7 September 2016), almost 98 per cent of those eligible to vote backed the acquisition, with 79% of shareholders voting. 


In August, Poundland chief executive Darren Shapland said Steinhoff is "a well-capitalised, international business with a clear and prdoven commitment to value retailing".


Steinhoff’s takeover of Poundland is now scheduled to be legally completed on 16 September. 



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