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06/02/2015
Poundland To Buy 99p Stores For £55m
Poundland is to buy 99p stores for £55m, subject to approval by the Competition and Markets Authority (CMA).
It has offered a cash consideration of £47.5m and is also proposing the issue of new Poundland Shares with a value of £7.5m.
The company would take ownership of 251 stores, trading as 99p stores or Family Bargains.
Jim McCarthy, Poundland's chief executive, said: "This is a good deal for both businesses and will benefit customers and shareholders.
"Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's proven know-how and range to 99p Stores.
"We also believe that we can improve the performance of the 99p Stores estate and generate further value for Poundland's shareholders.
"We look forward to working with the CMA as it undertakes its review."
(CD/JP)
It has offered a cash consideration of £47.5m and is also proposing the issue of new Poundland Shares with a value of £7.5m.
The company would take ownership of 251 stores, trading as 99p stores or Family Bargains.
Jim McCarthy, Poundland's chief executive, said: "This is a good deal for both businesses and will benefit customers and shareholders.
"Through working together, Poundland will improve choice, value and service for 99p Stores' customers, bringing Poundland's proven know-how and range to 99p Stores.
"We also believe that we can improve the performance of the 99p Stores estate and generate further value for Poundland's shareholders.
"We look forward to working with the CMA as it undertakes its review."
(CD/JP)
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