Fantastic Holdings
(ASX:FAN) has announced it has received a takeover offer from Steinhoff Asia Pacific Holdings, valuing the company at around $361.4 million.
Steinhoff, whose portfolio of brands includes Freedom Furniture is offering shareholders $3.50 cash per share, a 43 percent premium to Thursday’s closing price of $2.45.
Fantastic’s directors have unanimously recommended shareholders vote in favour of the deal, with major controlling shareholders already committing full support.
Steinhoff has stated it will use the acquisition of Fantastic to broaden its portfolio and accelerate growth.
Fantastic Holdings reported a net profit of $11.4 million at 30 June 2016.
