Conforama Ready to Outbid Fnac to Acquire Darty

Conforama ready to outbid FNAC for the takeover of Darty

The distribution group of appliances and technical products …

The home appliance retail group and technical products Darty, controlled by British capital, said Wednesday that the South African group Steinhoff, parent company of Conforama, filed a “conditional offer” of redemption, outdoing a competing proposal Fnac made in November.

“Darty is currently studying the proposal received Conforama,” the group said in a statement, stressing that “there is no certainty at this stage that a firm offer will be made by Conforama, nor the terms in which it could be done. ”

Conforama offers 125 pence per share in cash, according to Darty.

“A further announcement will be made in due course on the period within which Steinhoff will (..) either announce a firm intention to make an offer on Darty (…) or announce that it is has no intention of make an offer, “the statement said.

In announcing the agreement on the terms of their merger in November, Fnac Fnac proposed to offer a share for 37 shares Darty, also putting on the table the possibility for shareholders to Darty of all or part of the payment in cash, “up to a maximum amount of EUR 95 million.”

This offer was the share value Darty to “about 105 pence,” based on the Fnac’s closing price on November 19 and valued the group at about 558 million pounds ($ 717 million at current rates) . Tuesday night, the Fnac stock closed at 60.63 euros, compared with over 55.55 euros on 19 November.

Both groups had then indicated that their marriage should not be finalized until the second half of 2016, several steps remain to be taken with the green light from competition authorities.

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