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Conforama, Fnac spar over Darty takeover

Retail giants Conforama and Fnac have upped the ante in their battle for the takeover of electronics and white goods company Darty.

Fnac and Conforama are battling it out to take over Darty.
Fnac and Conforama are battling it out to take over Darty. PHILIPPE HUGUEN / AFP
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There was a flurry of activity on Thursday as Conforama and Fnac raised their bids in quick time to reach 806 million pounds and 820 million pounds respectively. The bids are significantly higher than their original offerings.

Fnac had initially offered 558 million pounds as against Conforama’s 742 million pounds which was announced on Wednesday. Fnac opened a new round on Thursday morning with an offer valuing Darty at 779 million pounds or $1.1 billion dollars.

Only hours later, Conforama raised its own figure to 806 million pounds which minutes later was topped by Fnac at 820 million pounds.

Interestingly, Conforoma, which is owned by the South African group Steinhoff, already owns 19.5 percent in Darty which it bought from a group of investors.

Following the announcement of the all-cash bid by Conforama last month, the board of Darty threw its weight behind it, unanimously recommending that shareholders sell their shares to Conforama.

However, Fnac outbidding Conforama has made the outcome unclear with the Darty board saying it would reconsider if there was a better offer, “both in financial terms and regarding the certainty of its execution.”

Following the latest round in the takeover drama, the share price of Darty jumped by almost 20 per cent.
 

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