Reuters
Oct 14, 2016
Steinhoff to acquire Australia's Fantastic Holdings for $274 million
Reuters
Oct 14, 2016
South Africa's furniture retailer Steinhoff International plans to buy Fantastic Holdings' entire stake for 361 million Australian dollars ($274 million), the Sydney-based firm said.
Steinhoff Asia Pacific Holdings' $3.50-a-share bid is 43 per cent above the stock's last trading price. It has the support of Fantastic's two key shareholders, chairman Julian Tertini and former finance director Peter Brennan, as well as the board in the absence of a superior offer and subject to an expert's report, reported the Sydney Morning Herald.
The companies had reached an agreement under which Steinhoff's Asia Pacific unit will acquire all of Fantastic Holdings' issued shares, the Australian firm said in a statement.
Shares in Fantastic lifted on the news, closing up 40.4 per cent, or 98¢, to $3.43 on Friday. The increase valued Fantastic at $355.5 million, just lower than the offer.
Fantastic chairman, Julian Tertini said the South African company "shares our vision for the growth and expansion of Fantastic Holdings and, as such, we believe they are the right long-term partner for our customers, employees, suppliers and other stakeholders".
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