EP Group offers to buy Fnac Darty for €1.1bn, shares surge

(Sharecast News) - Fnac Darty shares surged on Monday after Czech billionaire Daniel Kretinsky's EP Group launched a takeover bid that values the retailer at €1.1bn. The offer price of €36 per share is a 19 % premium to the closing share price on Friday.

EP Group chairman and chief executive Kretinsky said: "Since our entry into the capital in 2021, we have been able to appreciate the strength of Fnac Darty's omnichannel model and the relevance of its 'Beyond Everyday' strategy. With this friendly offer, which has been welcomed by the board of directors, we want to consolidate our commitment by becoming the majority shareholder in the long term.

"We are committed to supporting the current management team led by Enrique Martinez and ensuring the company's French foothold, while providing an attractive liquidity opportunity to shareholders who wish to do so."

Through its VESA Equity Investment vehicle, EP Group already holds a 28.5% stake in Fnac Darty, a retailer of consumer electronics and domestic appliances.

At 0855 GMT, Fnac Darty shares were up 17.4% at €35.50.