Poundland agrees to £597m takeover
Poundland haven't been doing too well of late, so with that, they've agreed to be taken over for £597 million, by South African retail firm, Steinhoff.
Steinhoff also own Harveys and Bensons for Beds in the UK, if you're wondering who the hell they are.
Poundland recommended this deal to their shareholders, who will now be getting 220p a share, plus the 2p per share dividend announced in June for the year ending 27 March.
That's not exciting, but in short, it values the company at £597 million, according to Poundland themselves.
Darren Shapland, the chairman of Poundland, said that this takeover is going to help the company reach their ambitions "against a background of increasing economic uncertainty in the UK and a more challenging trading environment".
"Steinhoff is a well capitalised, international business with a clear and proven commitment to value retailing," he said.
"They share our vision for the growth and expansion of Poundland and, as such, we believe they are a suitable and appropriate partner for our colleagues, our suppliers and stakeholders."
Does this mean the prices are going up? We'll see.
TOPICS: High Street News