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Recommended proposals for the acquisition of the minority holdings in Homestyle Group plc

Wednesday, 18 September 2019

Wednesday, 13 December 2006

Travers Smith is advising the South African based Steinhoff International Group ("Steinhoff") on the recommended offer, to be implemented by way of a scheme of arrangement, (the "Offer") for the outstanding shares it does not already own in Official Listed Homestyle Group PLC ("Homestyle"). Steinhoff currently owns approximately 61 per cent. of the issued shares in Homestyle.

Under the Offer, Homestyle Shareholders may elect to receive their consideration in cash or in new shares in Steinhoff International Holdings Limited. The cash offer values the entire issued share capital of Homestyle at approximately £259.1 million and, at current share prices and exchange rates, the share offer values the entire issued capital of Homestyle at approximately £326.4 million.

Steinhoff is one of the top five furniture groups in Europe and the largest in Africa. Steinhoff manufactures, warehouses and distributes a wide range of household goods (mainly bedding, case goods and lounge furniture) as well as raw materials used primarily in manufacturing household goods.

Steinhoff International Holdings Limited is listed on the JSE in South Africa and has a market capitalisation of approximately £1.96 billion.