Groupe Fnac raises bid to acquire electrical retailer Darty

25 April 2016 (Last Updated April 25th, 2016 18:30)

French retail chain Groupe Fnac has reportedly increased its bid to $1.3bn to acquire electrical retailer Darty.

French retail chain Groupe Fnac has reportedly increased its bid to $1.3bn to acquire electrical retailer Darty.

Fnac has offered the third and final bid of 170p a share in cash, raising its bid from 153p, reported Bloomberg.

The offer includes an option for Darty investors to accept Fnac shares instead of cash.

The latest offer follows South African retailer Steinhoff's offer to pay 160p a share, or about £860m in cash.

Steinhoff plans to combine Darty with a French household goods retailer Conforama, acquired by the company five years back.

The auction for Darty started last year. Fnac has so far proposed two bids.

"Fnac has received shareholder support for the third increased final offer from Darty shareholders."

If approved, the deal will bring the number of Fnac stores across the nation to 600.

Fnac currently holds a little more than 87.5 million Darty shares, representing a holding of 16.53%, reported Financial Times.

FNAC was quoted by the publication as saying: "In addition, as announced previously, Fnac has received shareholder support for the third increased final offer from Darty shareholders, holding in aggregate 22.11% of the issued share capital of Darty.

"Such shareholders have irrevocably undertaken to accept the third increased final offer, and to elect for the partial share alternative in respect of all (subject to scaling down in accordance with the terms of the partial share alternative) of their Darty shares."

With about 400 stores in France, Belgium and the Netherlands, Darty has reported revenue of more than $4bn, in the 2014-2015 fiscal year, reported New York Times.