Photo by: Bloomberg
Three of home improvement company Illiad’s major shareholders – Sanlam, Visio and Coronation, which held 69.25% – have agreed to vote in favour of a takeover by Steinhoff, with the company’s remaining shareholders to vote on the deal on September 29.
Seventy-five per cent of the voting rights exercisable by shareholders at the scheme meeting would have to be in favour of the deal for it to go ahead.
Steinhoff in July offered to buy Illiad for R1.34-billion, with shareholders receiving R10.24 a share.
Illiad noted that combining the two companies, which operated similar businesses in complementary geographical locations, would promote the growth of both businesses and sustainably strengthen their position in the market.
A filing would be made with the Competition Commission. Approval by Takeover Regulation Panel would also be required.