Newspaper article International New York Times

Darty Directors Endorse Fnac's $1.3 Billion Offer

Newspaper article International New York Times

Darty Directors Endorse Fnac's $1.3 Billion Offer

Article excerpt

The recommendation came after a bidding war this year between Fnac and Conforama, a French unit of Steinhoff International Holdings.

Darty, a French electronics and appliance retailer, said on Tuesday that its board of directors had unanimously recommended that shareholders accept a takeover offer from Groupe Fnac.

The recommendation came after a bidding war this year between Fnac, a retailer based near Paris, and Conforama, the French household goods unit of Steinhoff International Holdings, a South African company.

In April, Conforama said it would not raise its offer for Darty after Fnac made a final bid for the retailer. Fnac offered to pay 914 million pounds, or about $1.3 billion, in cash for Darty, or 170 pence a share.

Darty's board had previously recommended that shareholders accept an earlier offer from Conforama, but it withdrew the recommendation in favor of Fnac's higher bid on Tuesday. …

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