20th Apr 2016 17:35
LONDON (Alliance News) - Steinhoff International Holdings NV on Wednesday said it has raised its offer for European electrical retail group Darty PLC, after Steinhoff's subsidiary acquired 19.5% of Darty's issued share capital on Tuesday.
Steinhoff said it is now making an offer of 138.0 pence per Darty share, valuing the company at GBP742.0 million. Steinhoff previously made an offer of 125.0 pence per Darty share, valuing the company at GBP673.0 million.
The increased offer is an 31% premium to the previously recommended implied offer price of 105.4 pence per Darty share from Groupe Fnac, Steinhoff added.
Darty shares closed down 0.4% at 131.49p on Wednesday.
Steinhoff said the increased offer is subject to the same terms and conditions as the original offer, and will be funded using acquisition facilities provided by Citibank NA, London Branch and HSBC Bank PLC.
The offer remains open for acceptances until midnight on June 10, it added.
This comes after Steinhoff's subsidiary Steinhoff Finance Holdings Gmbh purchased 103.2 million shares from Majedie Asset Management Ltd, Schroder Investment Management Ltd, Standard Life Investments (Holdings) Ltd and UBS Asset Management at a price of 138.0 pence per share. This represents around 19.5% of issued share capital.
Steinhoff said it owns around 19.7% of issued share capital following the transaction.
By Hannah Boland; [email protected]; @Hannaheboland
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