Saturday, March 19, 2016

Conforama Darty accept the purchase proposal and said no to Fnac –


A Darty store in Marseille

with Aymeric Parthonnaud, with AFP

Darty finally agreed Friday, March 19, 2016 the redemption proposal from Conforama and Fnac éconduisant, including she had initially accepted an acquisition offer much less attractive. The Board of Darty was willing to recommend that its shareholders accept the English cash tender offer in early March by Conforama, supported by its parent Steinhoff, judging its financial terms “reasonable and fair “according to a joint statement.

Furniture teaches early March proposed 125 pence per share Darty, valuing the home appliance distributor to over 864 million, where Fnac had proposed late November around 558 million pounds, payable primarily in securities, offer Darty had initially accepted . “As a result of this announcement, the directors of Darty not intend to recommend the offer Fnac, unless a more favorable offer as financially that under his execution certainty “the statement said.

the hand with the competition authority

A spokesman for the Fnac simply stated that “this announcement is confirmation of what was already public for several days and Fnac is evaluating the various options available to it.” Last weekend, the Journal du Dimanche had said the distributor of cultural and technical products “thought (asserts the) an alliance with a partner that would provide funding” to provide an offer increasingly important liquid that that of Conforama. Remarks that Fnac had described as “false rumors and information” on which she did not wish to speak. The repurchase may be made through the launch of a tender offer (OPA) on Darty actions.

“The next step is to file the dossier notifying operation with competition authorities “said the head of Conforama, Alexander Nodal, who believes that” the operation could have chances to be completed by the third quarter. “

This agreement between Conforama Darty and comes as the reconciliation project with British retailer Fnac was already well underway. Thursday, March 17, the Authority of the Belgian competition had even cleared the merger of the two groups. The Authority of the French competition examines it, the record since 17 February. Darty (12,600 employees, 400 stores) returned to profit last year (13.8 million euros on sales of 3.51 billion). Conforama (13,400 employees, 280 stores) achieved over the last fiscal year a turnover of 3.22 billion.

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