21st Mar 2016 08:09
LONDON (Alliance News) - Groupe Fnac SA on Monday said it is currently considering its position regarding its takeover offer for fellow European electrical retailer Darty PLC, after a rival bid was made by Steinhoff International Holdings NV.
Groupe Fnac made an offer of 105.4 pence per Darty share last November, which Darty had previously recommended shareholders to accept.
However, on Friday, South-African based furniture and household goods retailer Steinhoff made a much higher competing offer of 125.0p, valuing Darty at GBP673.0 million, and prompting Darty to withdraw its recommendation of the Groupe Fnac offer in favour of Steinhoff's. Steinhoff made the offer through its subsidiary, Conforama.
Darty said on Friday that all directors planned to vote in favour of the Steinhoff deal using their own voting rights - unless Groupe Fnac "announced a higher and deliverable offer."
On Monday, Groupe Fnac said it is "considering its position and urges Darty's shareholders to take no action".
Also on Friday, Steinhoff, which owns furniture retailers Benson for Beds and Harveys, retracted an offer to acquire Home Retail Group PLC, leaving its rival bidder J Sainsbury PLC to make a firm bid for the owner of the Argos retail chain.
Shares in Darty were trading up 1.2% at 131.53 pence at the open on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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