Fnac provides nearly one billion euros to buy Darty – Le Figaro

The distributor outbid the offer of Conforama, which amounted to € 943 million and now offers to settle shareholder group cash instead of shares.

the market battle around Darty turned Thursday in a bidding war, announcing Fnac in turn have raised its offer on the appliance teaches nearly one billion euros, hoping to counter the supply of Conforama. Fnac now offers 145 pence per share Darty, valuing the brand at 779 million pounds (989 million euros). The distributor of cultural and electronics reply and at Conforama, who announced Wednesday night raising 10% of his own bid for Darty, to 138 pence per share, or 742 million pounds or 943 million euros.

Not only Fnac increased the amount of its offer (while initially valued Darty around 558 million pounds), but it now offers to settle the shareholders of listed company in London in cash, rather than in shares, a payment usually preferred by investors. Fnac added that two investment funds (DNCA Finance and Knight Vinke) are committed irrevocably to give him 22% of the capital of Darty. “The cultural agitator” and takes a slight lead over Conforama, the South African parent Steinhoff announced Wednesday it had acquired a block of 19.5% of the capital of Darty with a group of investors.

the owner of Conforama (which had so far garnered only 0.2% of the capital of Darty) had paid for these shares at a price of 138 pence, which forced him to take at this level the price of its bid, initially set at 125 pence. It is a new twist in the battle between last month Fnac and Conforama Darty to acquire. Darty had announced March 18 that it has agreed to be acquired by Conforama priced at 125 pence per share, whereas it had previously accepted a takeover approach less attractive Fnac. The offer Fnac as announced from late November Darty valued around 558 million pounds. And where the offer Fnac was originally essentially adjustable tracks, Conforama had mounted an offer in cash.

While accepting the offer of Conforama, Darty had said in March to be ready to reconsider its position and accept a marriage with Fnac, in case of “more favorable offer as financially that under his execution certainty.”

(with AFP)