On Tuesday evening, the group of Alexandre Bompard formally holds 29.73% stake in Darty, having acquired a very significant number of Darty actions in the last 24 hours, following the announcement of its new upmanship Monday.
In addition, there are “ irrevocable undertakings ” two major shareholders of the brand of household appliances, fund Knight Vinke and DNCA, to also bring their 22 1% of Darty to offer Fnac.
Technically, the “ cultural agitator ” could become the majority shareholder in Darty, with 51.84% stake.
But for this he must first officially submit its bid to the British market authorities. This will be done “ in the coming weeks ,” he said Tuesday.
In the meantime, Fnac – which excluded even raise its own offer – is not totally immune to a possible further escalation of Conforama, which formally owns already 20, 4% of the capital of Darty.
On Tuesday evening, the Darty title was back below the 170 pence bar, losing 1.75% on the London Stock Exchange, after hitting the day before the 172 pence. Fnac she fenced day on an increase of 0.56% to 54.25 euros.
Fnac and Conforama engaged for several months a fierce battle to acquire Darty. The confrontation began in September with an initial proposal of Fnac country in March by a first competing offer Conforama, has suddenly accelerated on 21 April. In less than 24 hours, Fnac and Conforama have multiplied the bidding.
Monday, in an ultimate propostion, Fnac finally revised upwards its proposal, offering 170 pence per share against Darty 160 proposed by Conforama, raising the valuation of Darty 1.16 billion euro, where the upholstery teaches proposed 1.09 billion.
The distributor of cultural and electronic products also offers an alternative in exchange for shares.
He also said that it had available financial resources “ sufficient to satisfy the full acceptance ” this third offering.
Fnac recently acquired from banks a financing line of 950 million euros and can count on the support of his latest shareholder to date, Vivendi, which recently conducted an increase capital of 159 million, taking 15% of its capital.
Conforama his side has the support of its parent, the giant South African Steinhoff, which has nearly 3 billion cash.
On Monday, the group said Alexander Nodale “ study its options ” Darty urging shareholders not to take any hasty decision. He has since not returned to speak.
– Darty silent since Thursday –
The acquisition of Darty is an important issue for both distributors, each seeking to acquire as decisive competitive advantages, particularly against the US giant Amazon or french CDiscount in a market highly competitive electricals and recovery.
Grab Darty enable Fnac to strengthen its diversification strategy, notammment in connected devices and small appliances, to counter the decline of its traditional market, cultural products.
The group dangled the alliance with Darty would release 130 million euros in savings, including through cross-trade deals, but also via “ optimizing logistics and the computer “and administrative functions.
This element raises the concern of unions, fearing job cuts. This weekend, they were therefore in favor of the proposal of Conforama.
The marriage Conforama allow it “ to create a French leader in the distribution of goods and home accessories, operating under strong brands and complementary .”
Darty is since Thursday, remained silent. The sign was then simply stated note the bidding of her two suitors, adding that its board “ would carefully consider before making timely a new recommendation to shareholders .”
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