South African conglomerate Steinhoff has seen its offer for French white goods retailer Darty lapse as Darty opts for a deal with Fnac.
Fnac’s final offer price of 170p per share, worth over £900m, in cash values Darty at a premium of 6.25% to the offer made by Steinhoff’s subsidiary, Conforama, to acquire Darty at a price of 160p per share.
In evaluating the Fnac Offer, the Board of Darty has considered various aspects, including execution risk, and considers the Final Offer to represent a superior offer for Darty shareholders, as compared to other offers.
The directors of Darty, who have been advised by Morgan Stanley, Lazard and UBS, consider the financial terms of the Final Offer to be fair and reasonable.
In a statement, Darty said: “The Darty directors consider that the Final Offer is in the best interests of Darty Shareholders as a whole.”
A statement from Steinhoff read: “Conforama confirms that it will not extend the Final Offer and announces that the Final Offer has lapsed and is no longer capable of acceptance.”
This comes as another blow to Steinhoff as the group recently lost out to acquire French bedding business Cauval (read related), and adds to the Home Retail defeat, where Sainsbury’s won the bid.
Steinhoff has since turned its attentions to acquire Australian home and electrical retailer The Good Guys. However, no official bid has been reported (read related).