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ScS Group PLC on Tuesday said its board has agreed to a takeover offer worth £99.4 million from an Italian peer that wants to expand into the UK. The Sunderland, England-based sofa seller said Poltronesofa Spa has offered to pay 280 pence per ScS share, composed of 270p in cash, plus a 10p final dividend from ScS. In response, the stock rose 60% to 271.15p in London early Tuesday. ScS called Reggio Emilia-based Poltronesofa the leading sofa retailer in Italy. It has 167 stores in Italy, 106 in France and another 27 across the rest of Europe. For its part, ScS has 100 stores in the UK. Poltronesofa wants to enter the UK market as part of its plan for pan-European expansion, ScS said. ‘This cash offer, which the ScS board unanimously recommends, comes at an attractive valuation,’ commented ScS Non-Executive Chair Alan Smith. ‘It recognises the quality of the ScS Group’s operations, its cash resources, and the progress accomplished under [Chief Executive Officer] Steve Carson’s leadership via his refreshed strategy.’ Carson joined ScS from health food shop chain Holland & Barrett at the start of 2021. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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