France's Fnac confirms terms of tender offer on Unieuro (updated)

Unieuro SpA

25/10/2024 15:10

(Adds details on tender offer in paragraph 3, context in
paragraphs 4-5)
       Oct 25 (Reuters) - Fnac Darty  FNAC.PA  on Friday
confirmed the terms of its takeover bid for Italian consumer
electronics distributor Unieuro  UNIR.MI .
    The French retailer has offered 9 euros ($9.75) in cash and
0.1 newly issued ordinary Fnac Darty share for each Unieuro
share, which represents a 42% premium to the unaffected share
price, the group said in a statement.
    The tender period is set to close on Friday at 1530 GMT.
However, a potential reopening may occur between Nov. 4 and Nov.
8 if Fnac’s stake remains under 90% by the end of the tender
period, or if Unieuro decides to raise the minimal required
threshold, the French group said.
        Fnac Darty had 
    announced
     in July it offered to buy Unieuro for around 249 million
euros ($271 million) to create a market leader in consumer
electronics and domestic appliances in southern and western
Europe.
  
        Fnac Darty said the merged company would aim for over 10
billion euros ($10.94 billion) in annual sales, and have around
30,000 employees as well as more than 1,500 stores.
  

 (Reporting by Alban Kacher, Editing by Louise Heavens)
 ((alban.kacher@thomsonreuters.com))