20th Nov 2015 17:19
LONDON (Alliance News) - French electronics retailer Groupe Fnac SA agreed to acquire Darty PLC in a deal that means shareholders in the London-listed electronics company will receive one Fnac share for every 37 shares they hold in Darty, the companies said on Friday.
Based on the EUR55.6 closing price of Fnac shares on Thursday, the deal values Darty at GBP558.0 million, equating to 105 pence per share.
That is a premium of about 33% to Darty's closing share price on September 29, the last business day before news of a possible offer emerged. The stock closed down 1.3% at 98.00p on Friday.
The proposed acquisition will give Darty shareholders ownership of 46% of Fnac.
The acquisition is subject to a number of pre-conditions, including antitrust clearance in France and Belgium, and clearance by the European Commission.
By Samuel Agini; [email protected]; @samuelagini
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