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SHF - Steinhoff - Termination of discussions regarding the proposed

Release Date: 29/05/2007 16:47
Code(s): SHF
Wrap Text

SHF - Steinhoff - Termination of discussions regarding the proposed merger of Steinhoff and JD Group Limited ("JDG") STEINHOFF INTERNATIONAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1998/003951/06) Share code: SHF ISIN:ZAE000016176 (Steinhoff) TERMINATION OF DISCUSSIONS REGARDING THE PROPOSED MERGER OF STEINHOFF AND JD GROUP LIMITED ("JDG") Further to the joint announcement released by Steinhoff and JDG (collectively, the Companies) on SENS on Friday, 16 March 2007 and published in the press on Monday, 19 March 2007, wherein it was announced that Steinhoff had submitted an offer to the JDG board of directors, of its intention to acquire the entire issued ordinary share capital of JDG in exchange for the issue of new Steinhoff ordinary shares (proposed merger), Steinhoff shareholders are referred to the JDG announcement released on SENS on Tuesday, 29 May, 2007. The proposed merger would have been implemented by way of a scheme of arrangement in terms of section 311 of the Companies Act, No 61, of 1973, as amended (the scheme). Steinhoff shareholders are hereby accordingly advised that, although the Steinhoff shareholders which Steinhoff approached indicated their support for the proposed merger, due to a lack of support from JDG shareholders for the proposed merger, the Board of directors of JDG have decided, in conjunction with the Board of directors of Steinhoff, to terminate merger discussions with immediate effect and not to proceed with the scheme. The existing relationship between the Companies will not be affected in any way by the termination of the merger discussions. Johannesburg 29 May 2007 Investment bank and transaction Sponsor to Steinhoff sponsor to Steinhoff Investec Bank logo PSG logo Date: 29/05/2007 16:47:32 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.

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