6th Nov 2015 08:02
LONDON (Alliance News) - France's Group FNAC and electricals retailer Darty PLC on Friday said they have reached an agreement on a possible takeover bid for Darty valuing the company at around GBP615.0 million.
The pair first disclosed the talks in September and have since been discussing a possible takeover.
The two said they have agreed to an offer comprising one FNAC share for every 37 Darty shares. Based on the closing price of FNAC shares on Thursday, which would value Darty at around 116.0 pence per share, a 47% premium to its closing price on September 29, the day before the talks started.
The offer also includes a partial cash alternative of up to EUR95.0 million.
A formal offer has not been made.
By Sam Unsted; [email protected]; @SamUAtAlliance
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