Fnac has upped its stake in electricals retailer Darty to 17.7% and lodged a third and final bid in its battle to acquire the business.
Fnac is wrestling Steinhoff-owned Conforama for control of the UK-listed retailer and has upped its offer to 170p per share, valuing Darty’s issued share capital at £914m.
It comes amid a frenetic battle to acquire Darty, which unanimously recommended a previous offer from Conforama of 138p just two weeks ago.
That sparked a bidding war, which had seemingly drawn to a close last Thursday, when Conforama upped its offer for a third time to 160p per share. Fnac responded by urging shareholders to take no action.
But now Fnac has hit back with an increased bid to move back into the driving seat once again.
Fnac said it now holds or has “irrevocable undertakings” to accept the third offer from 38.6% of Darty shareholders.
Conforama said it was “currently considering its options” and urged Darty shareholders to “take no further action at this time.”
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.