Steinhoff Leads Rapid-Fire Darty Auction With $1.2 Billion Offer
- South African suitor raises bid third time in race with Fnac
- Darty shares rise 24% in Paris, topping value of latest offer
The Darty logo sits on a sign outside a Darty Plc electrical goods retail store in Sebazac, France, on Thursday, March 3, 2016. Steinhoff International Holdings NV Group made an unsolicited, 662-million-pound ($924 million) bid for French electronics retailer Darty, seeking to break up Groupe Fnac SA's agreement to buy the company.
Photographer: Balint Porneczi/BloombergThe battle for French electronics retailer Darty Plc has reached the brisk pace of a cattle auction, with Steinhoff International Holdings NV raising its offer three times in less than 24 hours in a contest with Groupe Fnac SA.
Steinhoff, which is trading blows with France’s Fnac, upped its terms to 160 pence a share in cash, valuing Darty at about 860 million pounds ($1.2 billion). That tops a 153-pence cash offer minutes earlier from Fnac, which included a partial share alternative.