Darty board recommends investors accept Fnac offer

FTSE 250 electrical goods retailer Darty said on Tuesday that its board has recommended shareholders approve a 170p-per-share takeover offer from French retailer Fnac.

Darty said its directors consider the financial terms of the final offer “to be fair and reasonable”.

“In evaluating the Fnac offer, the board of Darty has considered various aspects, including execution risk, and considers the final offer to represent a superior offer for Darty shareholders, as compared to other offers.”

Back in April, French retailer Fnac made a final offer for Darty of 170p per share. Meanwhile, French furniture retailer Conforama, which is owned by South Africa’s Steinhoff International, said at the end of April that it would not up its 160p a share bid for the company.

“The Darty directors consider that the final offer is in the best interests of Darty shareholders as a whole. Accordingly, the Darty directors have in the Response Circular unanimously recommended that Darty shareholders accept the final offer.”

At 1256 BST, Darty shares were flat at 168.50 p.