Freshfields Bruckhaus Deringer (‘Freshfields’) is advising Poundland Group plc (‘Poundland’) on the cash offer of £597 million by Steinhoff Europe AG, with the support of its ultimate parent company, Steinhoff International Holdings NV.

The offer is to be implemented by way of a court-sanctioned scheme of arrangement and is subject to the approval of Poundland shareholders. The offer is expected to complete by mid-September 2016.

Freshfields previously advised Poundland on its initial public offering in 2014 and its acquisition of 99p Stores Limited in 2015.

The Freshfields team was led by partner Oliver Lazenby, with support from partners Adrian Maguire, Martin McElwee and Nicholas Squire.