3rd May 2016 07:32
LONDON (Alliance News) - Steinhoff International Holdings NV on Tuesday said it is keeping its offer for electrical goods retailer Darty PLC open until June 10, provided that Darty does not withdraw its recommendation for the offer.
Steinhoff's final offer for Darty stands at 160 pence per share, which it put forward last month through its retail chain Conforama, following an ongoing battle with Groupe Fnac SA which also wants to buy Darty.
However, shortly after Steinhoff's last offer was made, Fnac put in a higher offer of 170p per share, valuing Darty at GBP914 million.
On Tuesday, Steinhoff said it is keeping its 160p offer open until June 10, provided that Darty does not withdraw its recommendation of the offer. Darty had previously recommended the 125p per share offer which Steinhoff made in March. Since then, and as the bidding war between Steinhoff and Fnac continued, Darty had said it was considering the offers from both parties.
Steinhoff said it has received valid acceptances in respect of 109.8 million Darty shares, representing 21% of its issued share capital. It added that its final offer will remain open for acceptances until May 9.
If by 1300 BST on this day Darty has recommended the Fnac offer or withdrawn its recommendation of Steinhoff's offer and Steinhoff has not received acceptances in respect of at least 70% of Darty's shares, its offer could lapse.
Steinhoff currently holds 108 million shares in Darty, representing 20% of its issued share capital.
Shares in Darty were trading down 0.2% at 168.00 pence early on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
DRTY.L