Fnac Darty: takeover bid on Italy's Unieuro open from Monday

(CercleFinance.com) - Fnac Darty has announced its intention to launch its takeover bid for Unieuro on Monday, even though the Italian consumer electronics retailer's board of directors is not unanimously in favour of the deal.


The bid, launched jointly with Ruby Equity Investment, a company owned by Czech billionaire Daniel Kretinsky, offers nine euros in cash for each Unieuro share matched by 0.10 Fnac Darty shares.

The French group points out that this price represents a premium of 42% over Unieuro's volume-weighted average share price at the close of business on 15 July.

This offer represents a unique opportunity to create a European leader in specialized distribution and would benefit all Unieuro stakeholders, it says.

In its response, Unieuro's Board of Directors states, however, that it was unable to unanimously recommend the transaction, five members having judged it fair, five having voted against, while one director decided to abstain.

The Board explains that it raised a number of criticisms regarding the merits of the transaction and possible joint projects in view of the strategic objectives the company has set itself.

Despite the reservations expressed by its target, Fnac Darty indicates that it plans to launch its offer for a period of 40 days on the Milan Stock Exchange from the morning of Monday September 2 until October 25.

In Paris, Fnac Darty shares were up 0.2% on Friday morning following these announcements. Unieuro shares were also up around 0.2%.


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