Steinhoff-owned Conforama has increased its bid for Darty as it wrestles with Fnac for control of the French electricals retailer.
Furniture retailer Conforama has revealed terms of a cash offer worth 150p per Darty share, valuing the UK-listed business at about £806m.
The improved offer comes just hours after rival bidder Fnac said it would pay 145p per Darty share, which would value its share capital at £779m – approximately £27m less than Conforama’s proposal.
The furniture retailer has already acquired 19.5% of Darty’s shares at a price of 138p per share, but revealed its second increased cash offer to turn up the heat on Fnac.
The latest twist comes weeks after Darty’s board “unanimously” recommended a previous offer from Conforama. The South African-owned group crashed the party for Darty after ending its interest in acquiring Argos.
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”.
But Conforama has hit back with a second increased offer, which remains 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.