Fantastic Holdings Limited
(ASX:FAN) has announced the Foreign Investment Review Board has approved the proposed acquisition of the company by South Africa’s Steinhoff Asia Pacific Holdings.
The acquisition is now subject to approval of Fantastic shareholders, who will meet on Wednesday 7 December to discuss the deal.
The Directors of Fantastic have all recommended shareholders vote in favour of the deal.
If approved, Fantastic shareholders are in line to receive a cash payment of $3.50 per share.
Fantastic Holdings Limited reported a net profit of $11.44 million at 30 June 2016.
