2nd Mar 2016 08:54
LONDON (Alliance News) - Darty PLC on Wednesday confirmed it has received a competing takeover proposal to one it agreed with French electronics retailer Groupe Fnac SA late last year, from household goods retailer Conforama Investissement SNC.
Conforama operates in Europe and is owned by South African-based furniture chain Steinhoff International Holdings NV Group. It has proposed to acquire the electrical goods retailer at an offer of 125 pence per share in cash.
Shares in Darty were trading up 9.3% at 126.00p each early on Wednesday.
Steinhoff also placed a bid last month to buy Home Retail Group PLC, the owner of electronics and housewares chain Argos, disrupting an offer made by supermarket J Sainsbury PLC.
The South African firms latest move in the UK comes after Darty already agreed last November to be acquired by Groupe Fnac for GBP615.0 million in cash and shares, which it said in December it expected to complete by mid-2016. This offer values Darty at 116 pence per share.
Darty currently has a market capitalisation of GBP610.31 million.
Darty said it is reviewing the proposal from Conforama, but that there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.
It did not comment on the status of its acquisition by Groupe Fnac.
In a separate statement, Steinhoff also confirmed the proposal. It said Conforama believes a merger would benefit both its and Darty's customers in furniture and household goods and electronics, by providing a "seamless solution" for each room of the home.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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