South Africa’s Steinhoff has improved the terms of its agreed takeover of British discount retailer Poundland, it said on Thursday.
Steinhoff said it is now offering 227 pence in cash for each Poundland share, comprising an offer price of 225 pence and a 2 pence dividend, valuing the UK firm at 610.4 million pounds ($793.8 million).
The revised offer price represents an increase of 5 pence per Poundland share over the 220 pence announced on July 13 and follows stake building in the British firm by activist investor Elliot. ($1 = 0.7689 pounds) (Reporting by James Davey, Editing by Paul Sandle).
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Source: Reuters.com
