Argos proprietor gets rival takeover offer from South Africa

Home Retail Group has gotten a £1.4bn rival offer for Argos after general store Sainsbury's offered £1.3bn for the organization.

The second takeover offer has originated from South African retailer Steinhoff, which offered 175p for every offer.

Sainsbury's has until 23 February to make a firm offer for Argos.

Home Retail Group had at first prescribed http://www.sportnext.nl/member/280995the Sainsbury's offer to shareholders yet is presently requesting that they hold up.

Home Retail Group said: "The board is inspecting the Steinhoff proposition with its counsels and will make a further declaration at the appointed time. Home Retail Group shareholders are encouraged to make no move as of now."

Sainsbury's second offer for Home Retail Group came after an offer of £1bn was rejected.

Steinhoff, which possesses the furniture chain Harvey's in the UK, makes the majority of its items in creating nations, and offers its furniture crosswise over Europe.

The South African retailer said its offer would not disturb the offer of Homebase, which Home Retail Group is presently offering to Australian retail organization Wesfarmers. The firm wants to convey its Bunnings chain to the UK.

Sainsbury's, similar to other UK stores, has confronted extreme rivalry from markdown retailers, for example, Aldi and Lidl.

CEO Mike Coupe said if the takeover proceededhttp://realitysandwich.com/u/imagesmehndi/profile/ the mix of the two organizations would make the UK's "nourishment and non-sustenance retailer of decision", with 2,000 stores.

The tie-up would make the UK's biggest general stock retail business.

Mr Coupe said that the merger would get funds the area of £120m - half of which would originate from putting Argos stores into Sainsbury's general stores.

Then Steinhoff has until the eighteenth March to make a firm offer.