LONDON, Feb 19 (Reuters) - South African furniture companySteinhoff International has made a rival bid to buyBritain's Home Retail, the owner of the Argos group ofcatalogue-based stores which earlier this month agreed to bebought by supermarkets group Sainsbury's.
Steinhoff, which makes furniture mostly in developingcountries and sells it to value-conscious consumers in Europe,said on Friday it had offered Home Retail shareholders around175 pence per share, comprising cash and certain additionalpayments.
Home Retail said it was reviewing the proposal and urged itsshareholders to take no further action.
It had previously said it was willing to recommend theSainsbury's bid of 161.3 pence per Home Retail share, valuingthe firm at 1.3 billion pounds. (Reporting by Kate Holton; Editing by Greg Mahlich)
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Home Reit (HOME)