24th Jun 2016 11:06
LONDON (Alliance News) - Steinhoff International Holdings NV on Friday said Poundland Group PLC has not accepted Steinhoff's proposal of a possible cash offer for the discount retailer.
South African furniture retailer Steinhoff said it noted the release of Poundland's full-year results last week, the recent movement in Poundland's share price, and the impact of the UK vote to leave the European Union on global markets.
In its financial year ended March 27, Poundland reported a drop in pretax profit to GBP5.9 million from GBP36.2 million the year before, as total sales rose to GBP1.33 billion from GBP1.12 billion. Profit was hit by the costs of Poundland's acquisition of 99p Stores last year.
Poundland's shares were trading down 11% at 182.00 pence on Friday afternoon, after the UK revealed that it will be leaving the European Union.
"The board of Steinhoff is considering its position and a further announcement will be made in due course," Steinhoff said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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