Steinhoff offers to buy Iliad Africa | Fin24
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Steinhoff offers to buy Iliad Africa

Jul 23 2015 15:42

Johannesburg - Furniture group Steinhoff [JSE:] has offered to buy home improvement chain Iliad Africa [JSE:] for R1.34bn, Iliad said on Thursday.

Under the terms of the deal, Iliad shareholders will receive R10 per share, a 3% premium to Tuesday's closing price of R9.70, a statement said.

Three shareholders in Iliad with about a 69% stake between them have agreed to accept the offer, which has also secured the company's board and management backing, Iliad added.

Shares in Iliad, which sells everything from curtain rails and taps to door handles, hardly moved on the news. The stock was up 0.4% at R9.74.

steinhoff international  |  retail


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