(Repeat story published on Friday)
JOHANNESBURG Oct 14 South Africa's Steinhoff
International plans to buy Fantastic Holdings
for 361 million Australian dollars ($274 million), the
Sydney-based retailer said on Friday, sending both firms' shares
The companies had agreed on a scheme under which Steinhoff's
Asia Pacific unit proposes to acquire all of Fantastic Holdings'
issued shares, the Australian firm said in a statement.
The proposed offer of 3.50 Australian dollar sent
Fantastic's shares soaring to a six-year high on Wednesday,
ending the day 40 percent higher on 3.43 Aussie.
Steinhoff's shares rose 3.4 percent in Frankfurt to 4.7970
euro and 2.8 percent in Johannesburg at 74.89 rand by 1116 GMT.
The South African furniture and general retailer, which is
expanding its business abroad, last month raised capital after a
string of acquisitions.
Its most recent buys include Britain's Poundland and U.S.
bed seller Mattress Firm.
"Fantastic Holdings is a complementary business in terms of
market segments, customer base and vertical integration,"
Steinhoff Asia Pacific director Tim Schaafsma said in the same
Steinhoff was not immediately available for further comment.
Major shareholders, holding more than 50 percent in
Fantastic Holdings, have indicated they will vote in favour of
the deal, the Australian firm said.
Fantastic, which operates chains such as Fantastic
Furniture, Plush, Le Cornu and Original Mattress Factory, has
126 retail stores in Australia.
($1 = 1.3187 Australian dollars)
(Reporting by TJ Strydom; Editing by James Macharia)