4th May 2016 07:35
LONDON (Alliance News) - French retailer Groupe Fnac SA on Wednesday said it has secured support from three further shareholders for its takeover of UK-listed electronics retailer Darty PLC.
Fnac has made a final 170.00 pence per share offer for Darty, valuing the company at GBP914.0 million, following a frantic bidding battle with South African retailer Steinhoff International Holdings NV.
Steinhoff has made a 160.00p offer, also its final bid, and has said it will not go above this level.
On Thursday, Darty said it has secured support from three major shareholders to approve the partial share alternative in its offer for Darty. Artemis SA, which owns a 39% stake in Fnac, DNCA Finance SA, which holds a 4.9% stake, and Vivendi SA, which holds a 15% stake, have all agreed to vote in favour of the resolution to allow the share issue as part of the acquisition.
Darty shares were up 0.3% to 168.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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