Steinhoff offers to buy Iliad Africa | Fin24
 
  • Big Earners

    The CEOs of SA’s top companies earned a median of R5.4m in 2018, up from R5.2m in 2017.

  • Rising Costs

    Zimbabwe is mulling a tariff hike as electricity shortages worsen.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

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.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...