26th Apr 2016 14:57
LONDON (Alliance News) - French retailer Groupe Fnac SA on Tuesday said it has further increased its stake in bid target Darty PLC, having tabled its final takeover offer for the UK company on Monday.
Fnac made a final 170.00 pence per share offer for Darty on Monday, attempting to end a bidding battle for the company with Steinhoff International Holdings NV, the South African group which has made a rival offer for Darty through its Conforama retail business in France.
Fnac on Monday said it has acquired more shares in Darty and now owns a total of 157.4 million shares in the electronics retailer, around a 30% stake in the business. The highest price paid for the shares was 170.00p, it said.
As a result it now either holds, or has received irrevocable undertakings to accept the offer for a total of 274.5 million shares, or 51.84% of Darty's ordinary share capital, Fnac said.
Steinhoff said on Monday it was considering its position after Fnac's final offer was made and has yet to make a higher bid for Darty.
Darty shares were down 1.6% to 169.00p Tuesday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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