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Steinhoff's takeover bid for Poundland fails

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Poundland has reportedly rejected a takeover bid from Steinhoff, after the South African company revealed earlier this month it was looking to make an offer to the value retailer.

Steinhoff confirmed the rejection in a statement released earlier today: “The Board of Poundland has not accepted our proposal regarding a possible cash offer for the entire issued and to be issued share capital of Poundland.”

Steinhoff – which has other local interests like Bensons for Beds and homewares retailer Harvey’s – is now reportedly considering its position with a further announcement expected later down the track and rumours that it may return with a better offer.

Under official UK takeover rules, it has until July 13 to announce a definite intention to bid for Poundland.

Earlier this year, Steinhoff took on big four grocer Sainsbury’s in a bidding war for Argos parent company Home Retail Group. It eventually pulled and left Sainsbury’s to sign the £1.4bn deal.

The company also failed to take over French retailer Darty.

Steinhoff International is currently worth around £1.6bn while Poundland has been valued at just over £500m.

Poundland operates a total estate of around 600 stores across the UK, Ireland and Spain and is working towards opening 16 new sites a year for the next two years in the UK and Ireland. 

Published on Friday 24 June by Elias Jahshan

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