LONDON (Alliance News) - South African retailer Steinhoff International Holdings NV on Tuesday extended the period for which it can receive valid acceptances for its offer for European electrical goods retailer Darty PLC for the third time.
Steinhoff said it has received valid acceptances in respect of 111.0 million shares so far, representing 21% of Darty's issued share capital. Its final offer will remain open for acceptances until May 31, the third time it has extended the acceptance period.
If by 1300 BST on May 31 Darty has recommended the rival and higher offer by electrical goods retailer Groupe Fnac SA or withdrawn its recommendation of Steinhoff's offer and Steinhoff has not received acceptances in respect of at least 70% of Darty's shares, Steinhoff's offer could lapse.
Steinhoff's final offer for Darty stands at 160 pence per share, which it put forward last month through its retail chain Conforama, following an ongoing battle with Fnac.
However, shortly after Steinhoff's last offer was made, Fnac put in a higher offer of 170p per share, valuing Darty at GBP914 million.
Steinhoff has committed to keeping its 160p offer open until June 10, provided that Darty does not withdraw its recommendation of the offer. Darty had previously recommended the 125p per share offer which Steinhoff made in March. Since then, and as the bidding war between Steinhoff and Fnac continued, Darty had said it was considering the offers from both parties.
Steinhoff, through Conforama, currently holds 108 million shares in Darty, representing 20% of its issued share capital.
Shares in Darty were trading up 0.2% at 169.40 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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