Steinhoff folds in Darty battle
28 April 2016 - 02:11
Steinhoff said it would not raise its offer for French electronics retailer Darty, handing victory to Fnac after a protracted auction. Steinhoff's offer of 160p a share in cash is final and will not be increased, the South African company said yesterday.Fnac raised its offer to 170p a share and now speaks for 51.8% of Darty shares.Fnac rose 1.6% yesterday in Paris. Darty fell 0.4% to 168p and Steinhoff rose 0.4%."Steinhoff's pursuit for retail consolidation looks like it will take a pause for breath," Exane BNP Paribas analyst Graham Renwick said in a note."While we believe the Darty deal had strategic merits and would have created value for Steinhoff below 160p, their decision to walk away reflects strong capital discipline." ..
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