18th Jul 2016 16:38
LONDON (Alliance News) - Groupe Fnac SA said Monday that it will sell five existing stores as part of a requirement from the French Competition Authority to clear its proposed acquisition of Darty PLC.
The competition authority has determined to clear the proposed deal after "several months of constructive dialogue", Groupe Fnac said.
However, it will be required to sell five existing stores out of the combined French Fnac and Darty store network of over 400 stores. This clearance is one of the last major milestones in the acquisition, Groupe Fnac said.
Groupe Fnac urged Darty shareholders who have not accepted the offer to do so "as soon as possible".
Last Friday the offered had received valid acceptances in respect of 329.2 million shares, represented 62% of Darty's issued share capital, and on top of the 157.4 million shares Groupe Fnac already owns, means it has received valid acceptances representing 92% of Darty's issued share capital.
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.
Shares in Darty closed down 0.3% at 169.50 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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