Top Stories
Top Stories
Deals and IPOs

Steinhoff agrees $794M takeover of UK's Poundland

Customers wait at a check-out counter inside a Poundland discount store in London.
Simon Dawson | Bloomberg | Getty Images

South Africa's Steinhoff will bulk up its presence in the British market after agreeing a 597 million pound ($794 million) 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.