26th Apr 2016 11:44
LONDON (Alliance News) - French retailer Groupe Fnac SA on Tuesday said it has further increased its stake in bid target Darty PLC, having tabled its final takeover offer for the UK company on Monday.
Fnac made a final 170.00 pence per share offer for Darty on Monday, attempting to end a bidding battle for the company with Steinhoff International Holdings NV, the South African group which has made a rival offer for Darty through its Conforama retail business in France.
Fnac on Monday said it has acquired more shares in Darty and now owns a total of 124.2 million shares in the electronics retailer, around 23% of the business. The highest price paid for the shares was 170.00p, it said.
Steinhoff said on Monday it was considering its position after Fnac's final offer was made and has yet to make a higher bid for Darty.
Darty shares were down 0.6% to 170.75p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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