Poundland shareholders voted in favour of Steinhoff’s acquisition of the value retailer, giving the go-ahead to a deal worth more than £610m.

At a meeting held today, 98% of Poundland investors voted in favour of Bensons for Beds owner Steinhoff’s recommended cash offer of £610.4m for the discount retailer.

Earlier this year, the South African retail conglomerate tabled a bid of £597m for Poundland, but this was increased by 5p a share after activist investor Elliott Capital Advisors built its shareholding and threatened to scupper the acquisition. 

Today the retailers also noted that on August 31 Steinhoff, which owns 40 retail brands globally, received unconditional merger clearance of the offer from the European Commission.

Ahead of today’s vote, Steinhoff offered Poundland boss Kevin O’Byrne a £2.7m share package to remain in charge under its ownership. 

As a result of the deal Poundland will delist from the London Stock Exchange, but the acquisition remains subject to sanction by the court at a hearing expected to take place on September 15.

Speaking to Retail Week earlier this year, Poundland chairman Darren Shapland said: “It’s always a bit sad when you lose your independence. Poundland has been a successful independent company but it’s going to be part of something bigger with even more growth opportunities.”