Fnac Darty SA (FNAC.PA) said on Monday that it has received a takeover offer from EP Group, controlled by Czech billionaire Daniel Kretínský, which plans to launch a public tender offer for the French retailer's shares at €36 per share in cash, with the dividend for the 2025 financial year attached.
The offer price represents a premium of 19% to the last closing share price prior to the announcement.
The offer would be made through EP FR HoldCo, a company majority controlled by EP Group, and also covers all outstanding OCEANEs at a price of €81.09 per bond. VESA Equity Investment, an affiliate of EP Group, already holds 28.5% of Fnac Darty's share capital. EP Group said it does not intend to pursue a squeeze-out following the offer.
The company said the offer which is subject only to EP Group obtaining more than 50% of the share capital or voting rights, is expected to be filed with France's markets regulator, the Autorité des marchés financiers (AMF), before the end of the first quarter of 2026.
Fnac Darty's board approved the signing of the tender offer agreement and said it will issue its final recommendation after reviewing the independent expert's report and consulting employee representatives.
An ad hoc committee composed mainly of independent directors has been set up to oversee the process, and Ledouble has been appointed as independent expert to assess the fairness of the financial terms.
The company said the board's opinion and the expert's report will be published in due course as part of the company's response filed with the AMF.
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