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Former Home Retail bidder eyes Poundland

Published: 11:55 15 Jun 2016 BST

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Poundland urged shareholders to take no action

Shares in Poundland PLC (LON:PLND) soared after the company that tried to buy Home Retail (LON:HOME) revealed a takeover interest in the discounter.

The stock increased 4.5p, or 2.3%, to 200.25p as Steinhoff International Holdings NV said it was considering making a possible offer for Poundland.

Steinhoff, which owns Bensons for Beds and Harveys in the UK, made an unsuccessful rival approach for Home Retail after Sainsbury made an offer for the Argos owner.

It also lost out to French group Fnac in a bid auction for Darty PLC (LON:DRTY), the French electrical goods retailer.

Darty was formerly known as Kesa Electricals, which sold now-collapsed UK electrical retailer Comet in 2011.

Steinhoff said in a statement: "This announcement has been made without the consent of Poundland.

"A further announcement will be made when appropriate in due course."

Poundland said in its own statement: "Poundland shareholders are strongly advised to take no action. The company will issue a further statement if and when appropriate.

"There can be no certainty that a firm offer will be made, nor as to the terms on which any firm offer might be made."

 

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