Fnac falls after 'narrow victory' in Unieuro tender offer

Unieuro SpA

28/10/2024 08:39

** Shares of Fnac Darty  FNAC.PA  fall 4.7% after its tender
offer crossed the minimum threshold to acquire electronics
distributor Unieuro  UNIR.MI , whose shares rise 3.6%
    ** The French retailer presented the preliminary results of
the offer on Friday, saying it aimed to buy additional 67.1% in
the Italian company, building on the 4.4% it already owns
    ** Broker Midcap Research calls the results a "narrow
victory" that means Fnac will be able to take down Unieuro's
listing
    ** "This is therefore a partial success for the group, which
just barely exceeded the minimum threshold. The founding family
of Unieuro deemed the offer too low," the broker adds
    ** Fnac will open a new offer period from Nov. 4-8 to allow
Unieuro's remaining shareholders to tender their shares

 (Reporting by Nathan Vifflin)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))