South Africa's Steinhoff offers to buy Iliad Africa

by Reuters 0

South African furniture group Steinhoff has offered to buy home improvement chain Iliad Africa Ltd for 1.34 billion rand ($107.6 million), Iliad said on Thursday.

Under the terms of the deal, Iliad shareholders will receive 10 rand per share, a 3 percent premium to Tuesday’s closing price of 9.70 rand, a statement said.

Three shareholders in Iliad with about a 69 percent 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 percent at 9.74 rand.

($1 = 12.4497 rand)