Steinhoff ups offer for Dealz company

South African retailer Steinhoff has upped its offer for UK discount chain Poundland after pressure from a US hedge fund to bump up the deal.

Poundland, which operates as Dealz in Ireland, has agreed to a higher 227p-a-share bid, worth £610.4m including a 2p-a-share dividend, following moves by Elliott Management to build up a 17.5% stake in the group.