Darty surges as Fnac makes £533m approach

Darty rocketed on Wednesday after announcing it has received a proposed all-share £533m offer from French books and music retailer Fnac.

The proposal values the French electric goods retailer at 101p per share based on the closing prices on Tuesday. In addition, Darty shareholders would be entitled to retain the final dividend of 2.625 cents payable on 13 November 2015 to those shareholders on record on 23 October 2015.

“The board has considered the proposal and concluded that it should further explore the benefits of a potential combination with Fnac. Initially, this engagement will focus on reviewing deal execution risks in order to determine whether an offer is likely to be deliverable on a basis which could be capable of being recommended to Darty shareholders.”

Fnac has until 28 October to either announce a firm intention to make an offer for Darty or say it does not intend to do so.

Darty is listed in London but has no outlets in the UK.

At 0907 BST, shares it he company were up 15.6% at 93.62p.