Furniture chain brand Fantastic accepted the Freedom owner three hundred and sixty million nine hundred and ninety nine thousand nine hundred and ninety nine acquisition offer.
Discount furniture retailer Fantastic has agreed to an attractive offer from South African owners from Freedom and Snooze home chains.
The purchase price of 3.50 yuan per share from Stinhoff Asia Pacific is 43 percent higher than the last trading price of Fantastic shares.
It has the support of Fantastic`s two major shareholders, chairman Julian Tertini and former chief financial officer Peter Brennan, as well as the board of directors.
Fantastic`s valuation jumped 42.04% to reach a maximum of 3.48 yuan.
Grant Oshry, a fund manager at Perennail, which owns 10 percent of Fantastic, said it was a good price after the company went downtown during the financial crisis.
Earlier this year, Parennial asked Fantastic to consider privatizing because of the loss of several important executives.
"We are satisfied with the board`s vote for the acquisition, as there is no higher bid, and we will receive the acquisition,", he said.
Steinhoff Asia Pacific already owns furniture brands Freeddom,Snooze,POCO and Bay Leather Republic, in Australia and mattress maker Selectopedic.
It is also reported to be interested in Woolworths`s Big W.
Shareholders of Fantastics are due to vote on the acquisition in early December and the whole process is expected to be completed by the end of the year.
