UK-based discount retailer Poundland has accepted an improved takeover offer from Steinhoff, a South African retailer.

Steinhoff improved its takeover offer by 5p a share to 227p, which also consists of a 2p dividend.

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Accepted by the board of Poundland, the offer takes the value of the discount retailer to around £610m.

"The offer takes the value of the discount retailer to around £610m."

Steinhoff will pay £466m for the 76% stake it does not own in the company.

The South African firm first revealed its interest in acquiring the discount retailer in June.

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In July, Steinhoff came to an agreement for a £450m deal to secure complete control of Poundland, but activist investor Elliott Advisors began increasing its stake.  It currently owns 17.5% of the UK retailer.

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Steinhoff will need to secure three-quarters of votes in its favour, in addition to its own stake, to acquire Poundland.