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FAN - Fantastic Holdings News Story

A$3.5 0.0  0.0%

Last Trade - 12/12/16

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £299.7m
Position in Universe th / 1827

RPT-UPDATE 1-Steinhoff to acquire Australia's Fantastic Holdings for $274 million

Sun 16th October, 2016 9:25pm
(Repeat story published on Friday) 
    JOHANNESBURG, Oct 14 (Reuters) - South Africa's Steinhoff 
International  SNHG.DE  plans to buy Fantastic Holdings  FAN.AX  
for 361 million Australian dollars ($274 million), the 
Sydney-based retailer said on Friday, sending both firms' shares 
higher. 
    The companies had agreed on a scheme under which Steinhoff's 
Asia Pacific unit proposes to acquire all of Fantastic Holdings' 
issued shares, the Australian firm said in a statement. 
    The proposed offer of 3.50 Australian dollar sent 
Fantastic's shares soaring to a six-year high on Wednesday, 
ending the day 40 percent higher on 3.43 Aussie.  
    Steinhoff's shares rose 3.4 percent in Frankfurt to 4.7970 
euro and 2.8 percent in Johannesburg at 74.89 rand by 1116 GMT. 
    The South African furniture and general retailer, which is 
expanding its business abroad, last month raised capital after a 
string of acquisitions. urn:newsml:reuters.com:*:nL8N1C40Z0 
    Its most recent buys include Britain's Poundland and U.S. 
bed seller Mattress Firm.  urn:newsml:reuters.com:*:nL8N1AP4A7 
    "Fantastic Holdings is a complementary business in terms of 
market segments, customer base and vertical integration," 
Steinhoff Asia Pacific director Tim Schaafsma said in the same 
statement. 
    Steinhoff was not immediately available for further comment. 
    Major shareholders, holding more than 50 percent in 
Fantastic Holdings, have indicated they will vote in favour of 
the deal, the Australian firm said. 
    Fantastic, which operates chains such as Fantastic 
Furniture, Plush, Le Cornu and Original Mattress Factory, has 
126 retail stores in Australia.     
   ($1 = 1.3187 Australian dollars) 
 
 (Reporting by TJ Strydom; Editing by James Macharia) 
 ((tj.strydom@thomsonreuters.com; +27 11 775 3150; Reuters 
Messaging: tj.strydom.thomsonreuters.com@reuters.net)) 
 
Keywords: STEINHOFF INTLNL FHL/M&A
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