Steinhoff’s takeover bid for Fantastic Holdings
Steinhoff is offering Fantastic shareholders $3.50 per share, a premium of 43 per cent to its closing share price of $2.45 on Thursday. The offer values Fantastic at $361.4 million.
The board of Fantastic has unanimously recommended accepting Steinhoff’s bid, calling it “a compelling proposal”.
“Steinhoff Asia Pacific’s management team 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,” said Julian Tertini, chairman, Fantastic Holdings.
The proposed deal involves a scheme of arrangement, subject to approval by the Federal Court.
Steinhoff will fund the deal using existing cash and cash equivalents in conjunction with undrawn debt facilities.
Tim Schaafsma, director, Steinhoff APAC, said Fantastic is a complementary business for the South African group in regards to market segments, customer base and vertical integration.
“The addition of Fantastic Holdings, its brands and manufacturing operations will broaden our brand portfolio and accelerate the growth of Steinhoff Asia Pacific in Australasia,” he said.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
Many businesses have been reducing carbon footprints and addressing environmental concerns for some time. But will… https://t.co/UcZ8oMEurO6 hours ago