Post-Brexit, UK now spawns M&A Bargain Hunters

LONDON: In the wake of the country's June 23 vote to leave the European Union, the UK's stocks and currency dropped, presenting an attractive prospect to global buyers looking for cheap assets and giving local businesses an incentive to reduce their exposure at home."Many euro and dollar denominated funds are seeing the weakness of the pound delivering a gift-wrapped buying opportunity, particularly those who have been in divestment mode over the last few years," said Guy

gorman, head of corporate for Clifford Chance LLP. While the volatile markets have killed some deals and thrown others into doubt, bidders willing to take the risk may be rewarded with deep discounts. South African retailer Steinhoff International Holdings NV saw its chance.The company, which had made an unsuccessful takeover offer for British discount chain Poundland Group Plc, scooped up 1.3 million shares of its target on June 24 at a more than 9 per cent markdown to the  ..