Poundland shareholders back £610m takeover
Poundland shareholders have voted overwhelmingly to accept the £610 million takeover deal from South African retail giant Steinhoff.
At a general meeting at Poundland's Willenhall headquarters yesterday, the offer was accepted by 190 investors holding almost 98 per cent of the group's 169.4 million shares.
It was opposed by around 50 small shareholders with just over 2%. The merger has already been cleared by the European Commission
Just two-and-a-half years after it first floated on the London Stock Market, Poundland will revert to become a privately owned business again.
Based in Willenhall, and with a major depot at Bilston, Poundland now has 850 stores across the UK, Ireland and in Spain. It employs around 14,000 people.
The improved offer in August had the backing of Poundland's board. Chairman Darren Shapland said at the time: "Steinhoff is a well-capitalised, international business with a clear and proven commitment to value retailing. Steinhoff continues to 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, suppliers and stakeholders."
Steinhoff, based in South Africa and backed by billionaire Christo Christo Wiese, already owns Bensons for Beds and Harveys. Mr Wiese's Brait investment group also owns controlling stakes in Virgin Active, New Look and Iceland.
Steinhoff chief executive Markus Jooste said last month: "We believe there is significant merit to both Poundland and Steinhoff in bringing Poundland into our global operations, and the Steinhoff directors and management are enthusiastic about the related opportunities that will arise."
