(Ecofin Agency) - French household goods and electronics retailer, Darty, accepter cash offer that South African Johannesburg-based furniture retailer Steinhoff International made for its acquisition last March 18.
AIM-listed Darty said in a statement, it has signed an agreement with Conforama, Steinhoff’s French subsidiary, regarding the deal.
Frankfurt-listed company, Steinhoff International, submitted at the beginning of March an offer to takeover Darty, who had previously accepted an offer from Fnac, in November 2015.
The South African firm offered 125p for each share of Darty, totaling £673 million (€863.65 million). Fnac’s offer was close to that only that Steinhoff’s provides a greater certainty for shareholders.
As Darty accepted the offer, its Board of Directors said it would “recommend unanimously that the Darty shareholders accept or procure acceptance of the offer” from Steinhoff.
Steinhoff, in the evening of Friday, March 18, announced it renounced to buying British group Home Retail. On February 19, Home Retail received an offer from the furniture retailer, two weeks only after accepting another offer from British supermarkets chain, Sainsbury’s.
Steinhoff International is present in France, United Kingdom, Germany, France, Netherlands and Italy.
