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ScS has announced that its shareholders have voted in favour of the group’s £99m takeover by Italian firm, Poltronesofà.
At a general meeting this week, shareholders approved all resolutions regarding the deal, allowing the move to proceed.
In October, ScS and Cerezzola Limited, a newly incorporated wholly-owned subsidiary of Poltronesofà, announced that they had reached agreement on the terms of a recommended cash offer by BidCo to acquire the entire issued and to be issued ordinary share capital of ScS.
The scheme remains subject to a sanction by the court at the sanction hearing, but will become effective on 30 January 2024 if it is given the go-ahead.
The Poltronesofà board believes there is a “compelling strategic and financial rationale” for the deal as its “next step” in its pan-European expansion.
Poltronesofà added it has decided to continue its geographic growth and plans to enter the United Kingdom sofa market and having “followed the UK market and its key players for a significant amount of time, Poltronesofà believes that ScS and Poltronesofà share many common values and principles”.
Established in Reggio Emilia in 1995, Poltronesofà has become the leading sofa retailer in Italy and one of the leading sofa retailers in Europe. Established in Reggio Emilia in 1995, Poltronesofà has become the leading sofa retailer in Italy and one of the leading sofa retailers in Europe and operates 167 stores in Italy, 106 stores in France and 27 further stores across Europe.
