Activist investor pushes for boost to Steinhoff’s offer for Poundland August 7, 2016 US activist hedge fund Elliott Advisors is threatening to derail Steinhoff’s £597m bid for Poundland unless the offer is improved. Elliott increased its stake in Poundland to around 17.5 per cent just days after Poundland’s board agreed to the 222p a share cash takeover offer. Read more: Steinhoff increases Poundland holding despite Brexit vote The offer [...]
Steinhoff readies expected Poundland bid as deadline approaches July 10, 2016 South African retail giant Steinhoff is gearing up for an expected bid for Poundland this week, with the deadline for a possible £600m bid set for Wednesday. The Bensons for Beds owner first announced in mid-June that it was considering a bid for Poundland "without the consent of Poundland". Poundland's shares jumped over seven per cent [...]
Trouble in store: More pain on the way for UK retail April 10, 2017 A triple-blow of tax hikes, rising costs and a squeeze on consumer spending is threatening to wipe out thousands of British retailers, with a string of familiar high street names expected to fall into administration this year. Nearly 23,000 retailers were under significant financial stress at the end of the first quarter according to insolvency [...]
Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
Steinhoff is having second thoughts on Poundland post-Brexit June 24, 2016 South African conglomerate Steinhoff is going off discount retailer Poundland following the unexpected Brexit vote. Steinhoff, owner of UK furniture firm Harveys and Bensons For Beds, blamed last night's vote for the UK to quit the European Union, as well as the recent falls in Poundland shares, for the decision. The UK yesterday voted by 52 per cent to 48 per cent to [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Poundland announces disappointing profits after surprise takeover offer from Steinhoff June 16, 2016 Bargain basement retailer Poundland today announced a fall in sales, a day after South African giant Steinhoff said it was eyeing up the company. Read more: Poundland shares have jumped after a surprise takeover offer The figures Like-for-like sales at the discounter were down 3.9 per cent, compared to a rise of 2.4 per cent in 2015. Pre-tax [...]
Poundland faces profit plunge after delayed takeover of 99p Stores last September June 12, 2016 Discount retailer Poundland might need a few quid as it braces for a plunge in profits this week. The company’s full-year results have been dragged down by its delayed takeover of high-street rival 99p Stores. Earnings per share are forecast to fall almost 43 per cent, from 15.01p to 8.58p per share, when the company [...]
Poundland shares have jumped after Bensons for Beds owner Steinhoff made a surprise takeover offer June 15, 2016 Poundland shares jumped more than seven per cent this morning after South African giant Steinhoff made an uninvited takeover offer. Shares in the discount retailer hit 210.20p in early trading, after the Bensons for Beds and Harveys owner confirmed it was considering a possible offer for Poundland. It added the announcement had been made "without the consent [...]