Pursuits
Steinhoff Agrees to Buy Australia’s Fantastic for $275 Million
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Steinhoff International Holdings NV agreed to buy Fantastic Holdings Ltd. of Australia for A$361.4 million ($275 million) as the South African retailer seeks to expand its footprint in the southern hemisphere.
The company offered A$3.50 a share in cash, a 43 percent premium to Thursday’s closing share price, Fantastic Holdings said in a statement on Friday. The deal was backed by directors of the Sydney-based furniture company and investors controlling more than 50 percent of the stock also supported the proposal.