Conforama, South African furniture group of Steinhoff, has offered a counterbid for Darty, after Fnac already made an offer to the company, which they agreed on. Darty is now Europe’s third electrical goods retailer and earns 70% of its revenue in France, according to Reuters.
Fnac already raised its bid to one Fnac share per 37 Darty shares held, reaching a value of $859 million for Darty, a deal that is due around the middle of 2016.
Still, Conforama offered Darty nearly $925 million bid in cash and the company said that they were considering the offer. Conforama also made another offer for Britain's Home Retail this month, as the South African furniture group wants to expand its business in Europe, as Reuters reported.
Darty reported that "there can be no certainty that any firm offer will be made by Conforama, nor as to the terms on which any firm offer might be made."
Liberum analysts said that Conforama’s offer is 9% higher than Fnac’s offer and it’s “cleaner” because is in cash. They added that the offer represents a better valuation of Darty’s shareholders.
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