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FIRB approves $361m Fantastic takeover

AAP logoAAP 27/11/2016

The Foreign Investment Review Board has given Steinhoff Asia Pacific the go-ahead for its $361 million takeover of furniture maker and retailer Fantastic.

Fantastic's directors have already recommended shareholders accept the bid by the owner of the Freedom and Snooze brands.

Steinhoff Asia Pacific has offered Fantastic shareholders cash payment of $3.50 per security, which represents a 43 per cent premium on the price prior to the announcement of the bid.

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