Allows accelerated growth in Australasia.
The Federal Court of Australia has approved the $361 million scheme arrangement between Fantastic and its shareholders by which Steinhoff will acquire all of Fantastic shares.
In accordance with terms of the scheme, on 21 December, 2016, Steinhoff will acquire all Fantastic shares. Fantastic shareholders will receive total consideration of $3.50 in cash per share.’
Fantastic Holdings chairman, Julian Tertini said, “This is a compelling proposal and provides Fantastic shareholders with the opportunity to realise a significant premium, reflecting the underlying strength of our brands, operations and people. Steinhoff shares our vision for the growth and expansion of Fantastic and, as such, we believe they are the right long-term partner for our customers, employees, suppliers and other stakeholders.”
Steinhoff Asia Pacific director, Tim Schaafsma said, “Steinhoff is excited about the opportunity to add Fantastic and its brands to our business. Fantastic is a complementary business in terms of market segments, customer base and vertical integration. The addition of Fantastic, its brands and manufacturing operations will broaden our brand portfolio and accelerate the growth of Steinhoff Asia Pacific in Australasia.”