Steinhoff extends JD Group tender offer date - CNBC Africa

Steinhoff extends JD Group tender offer date

Southern Africa

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Steinhoff International manufactures, sources and retails furniture and household goods. PHOTO: Getty Images

The integrated retailer, who is looking to acquire up to 98 per cent of the issued ordinary shares in [DATA JDG:JD Group Limited], excluding treasury shares, had originally announced that the tender offer would close on 2 April 2014.

The closing date for the offer however has been extended to 4 April 2014 due to a number of additional requests submitted to Steinhoff to participate in the offer.

(READ MORE: Steinhoff’s HEPS up 41% due to supply chain growth)

“In order to afford such JD Group shareholders the opportunity to participate in the tender offer, and to facilitate the administrative process associated with the tender offer, JD Group shareholders are hereby notified that the closing date will be extended until the close of business on Friday, 4 April 2014,” it said.

“Steinhoff has, up to close of business on 1 April 2014, received notifications of acceptance of the tender offer from a number of JD Group shareholders which, once verified and implemented, will result in Steinhoff increasing its total beneficial interest in JD Group to 86 per cent of the total JD Group issued ordinary shares, excluding treasury shares.”

[DATA SHF:Steinhoff International Holdings Limited], which already owns 56.8 per cent of the issued JD Group shares, announced its offer to buy the retail and finance consumer business in March.

(READ MORE: Steinhoff offers to buy 98% stake in JD Group)

“JD Group is facing many challenges in the furniture retail and consumer finance business segments. These challenges will take some time and additional capital to overcome,” it had said.

“The increase of Steinhoff’s investment in JD Group, in an expedient manner, will enhance Steinhoff’s ability to support the operations of JD Group.”

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