Steinhoff-owned Conforama has increased its bid for Darty for a third time as it continues to wrestle with Fnac for the French retailer.
In a move to outbid rival retailer Fnac once again, Conforama has placed a third cash offer for Darty of 160p per share, valuing the London-listed French electricals retailer at approximately £860m.
The increased offer comes less than an hour after rival bidder Fnac shook up the bidding process by raising its offer to 153p per Darty share, valuing Darty at approximately £822m.
The furniture retailer Conforama had already increased its offer to 150p per Darty share earlier today, following Fnac’s previously tabled bid of 145p per Darty share, equivalent to approximately £779m.
The bidding war comes less than a day after Conforama said it had acquired 19.5% of Darty’s share capital at 138p per share and will offer that amount to Darty’s remaining shareholders.
Earlier this week, Darty’s board unanimously recommended a previous offer from Conforama of 138p per Darty share to be made by Conforama with the support of its parent company, Steinhoff International.
Fnac said today that if it acquired Darty it would offer “compelling financial benefits to the combined group, including total annual pre-tax synergies of at least €130m [£102.5m] per annum”.
Bids remain open for acceptances until June 10.
Darty boss Regis Schultz told Retail Week last month that he welcomed the takeover interest because the French electricals market needed to be consolidated.
However, he refused to be drawn on whether Conforama or Fnac were his preferred bidders.