Takeover bid for Unieuro: Fnac Darty lowers the minimum threshold condition – 08/10/2024 at 08:15

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(AFP / GERARD JULIEN)

The French group Fnac Darty announced on Monday the lowering to 66.67% of the minimum threshold condition for its public purchase offer for the Italian electronics and household appliances distribution group Unieuro, facilitating the completion of the operation .

The minimum threshold condition was until now set at 90%, recalls the French group in a press release published on its site.

This reduction reflects “the desire of Fnac Darty and Ruby to successfully implement the public purchase offer for Unieuro”, adds Fnac Darty, which “reaffirms” its “conviction as to the attractiveness of the proposed consideration, valuing Unieuro at 12 euros per share – a premium of 42%.

The offer has been open since September 2 and will end on October 25.

At the end of August, the board of directors of the Italian group failed to reach a majority to accept the amount of the takeover bid launched by Fnac Darty against it.

Fnac Darty, which already holds 4.4% of Unieuro’s capital, announced in mid-July that it wanted to buy the Italian group with the support of its first shareholder, Czech billionaire Daniel Kretinsky.

Fnac Darty and Ruby Equity Investment, a subsidiary of a company controlled by Daniel Kretinsky, plan to create a joint investment company which will own the stake in Unieuro.

This joint company, 51% owned by Fnac Darty and 49% by Ruby, would be controlled by the French specialist in the distribution of electronic and household appliances.

The acquisition of Unieuro would allow Fnac Darty to gain a foothold in Italy, where the French group is not present.

Listed on the Milan Stock Exchange and representing 17% of the Italian market, Unieuro has 5,000 employees in just over 500 stores. A little less than three-quarters of its stores are located in the north and center of the country.

In the press release published Monday, Fnac Darty and Ruby say they are “firmly convinced that this merger, which would give rise to a leader in the sale of technical products, household appliances, editorial products and services in Southern and Eastern Europe. West, would be beneficial for customers, employees and franchisees of both companies.” They intend to “retain all Unieuro employees”.

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