Fnac plays his all in falling for the third time its offer to acquire Darty – Le Parisien

This new offering at 170 pence per share, Darty valued at 1.16 billion euros against 1.09 billion euros offered Thursday in the latest offer as of Conforama, 160 pence per share.
Fnac reported late Monday afternoon that it held 18.93% stake in Darty.
“the highest price paid for such shares s? amounts to 170 pence, “the group, calling the” shareholders who wish Darty Fnac yield to their actions “at that price” that day “to contact their agent.
distributor of cultural and electronic products also offers a alternative in exchange for shares. It indicates that this “third improved offer” will be his “ultimate escalation”.
Fnac says his financial adviser, Rothschild, “consider (s) are available financial resources are sufficient to meet all of the acceptance “of this third offering.
Fnac recently acquired from banks a financing line of 950 million euros and can count on the financial support of its last shareholders on the Vivendi group, which recently conducted a capital increase of € 159 million, taking 15% of its capital.
Conforama, which has the support of its south African parent company Steinhoff and its 3 billion of cash available, a . immediately reacted to this new proposal, saying “the situation” and Darty urging shareholders not to take any hasty decision
Fnac and Darty have already delivered on Thursday in a wild battle of bids – in less than five 24 hours – to try to seize Darty, a key element for both retailers looking to gain as decisive competitive advantages, particularly against the US giant Amazon or French CDiscount in a market highly competitive and electricals in recovery.
– Ascension market –
According to the latest report released Friday by Conforama, the group of Alexander Nodale holds 20.4% stake in Darty, so always ahead Fnac.
But the group of Alexandre Bompard also recalled Monday that he has received “irrevocable promises” two major fund Darty (Knight Vinke and DNCA representing 22.1% of the capital of Darty) to bring him their securities.
with these promises, Fnac could control “approximately 41.05% of the issued capital of Darty,” the statement said.
Darty had said Thursday note the bidding of her two suitors, adding that its board “would carefully consider before making timely a new recommendation to shareholders.”
Meanwhile, the Darty continued Monday its share market rise in London, closing up 5.37% to 172 pence, while it was at 131.5 pence on Wednesday night before start bidding.
at the close of the Paris Stock Exchange, the Fnac title fell by 1.19% to the Paris Stock Exchange, to 53.95 euros.
grab Darty allow the Fnac to strengthen its diversification strategy in place to counter the decline of its traditional market, cultural products. Since 2012, Fnac and marketing of telephony, connected and small household items.
The group argues that the alliance with Darty possible to release 130 million euros in savings, half through synergies purchasing and deals – for Darty corners would be installed in Fnac and vice versa, ticketing become common to both brands – but also through “optimization of logistics and IT” and the integration of seats. This element raises the concern of unions, fearing job cuts. This weekend, the latter are clearly in favor of the proposal for Conforama.
Marriage Conforama would allow it “to create a French leader in the distribution of goods and home accessories, operating under strong brands and complementary “. As for Darty, it would be more rooted in the universe of the house, an area that does not hide its ambitions to develop a genuine offer connected.