19th Jul 2016 11:39
LONDON (Alliance News) - European electricals retailer Groupe Fnac SA on Tuesday said its offer for Darty PLC has been declared unconditional in all respects, after all conditions relating to the offer were either satisfied or waived.
Settlement of consideration will be made within 14 days to Darty shareholders whose valid acceptances have already been received. Settlement of consideration in respect of valid acceptances received after Tuesday will be made within 14 days after receipt of each such acceptance.
Fnac is buying Darty for 170 pence per share and a partial share alternative, under which shareholders are entitled to elect to receive one new Fnac share per every 25 Darty shares instead of all or part of the cash they would otherwise receive.
The deal was agreed in May and will be closed for further acceptances on July 29.
Fnac said it has received valid acceptances in respect of 331.9 million Darty shares, representing around 63% of Darty's issued share capital. In addition, Fnac already holds 157.4 million Darty shares, meaning it either holds or has received valid acceptances of its offer for a total of 489.3 million shares, representing 92% of Darty's issued share capital.
Fnac will acquire the remaining Darty shares if further valid acceptances received total no less than 93% of Darty shares when added to the shares already acquired.
Cancellation of listing and trading of Darty shares is anticipated to occur on August 16.
Fnac urged Darty shareholders who have not yet accepted the offer to do so as soon as possible.
Shares in Darty were trading up 0.4% at 170.20p on Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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