Conforama Investissement 2 SAS has purchased a 19.5% stake in Darty, as well as raised its cash offer for the remaining shares to 138p for each share.
The offer values Darty at around £742m. The closing date of this raised offer will be on 10 June, reported Financial Times.
The latest offer is an improvement from the previous offer of 125p a share made earlier this year.
Conforama had acquired the 19.5% interest from Schroder Investment Management, Standard Life Investments, UBS Asset Management and Majedie Asset Management.
It plans to fund the raised offer through facilities from Citigroup and HSBC.
Conforama has 285 stores in Europe while Darty has more than 200 stores in France, in addition to 135 stores in the Netherlands and Belgium.
Steinhoff sells furniture under brands such as Harveys in the UK, and has around 90,000 employees.
Image: Conforama Investissement purchased a 19.5% stake in Darty. Photo: courtesy of Roland zh via Wikipedia.