Unieuro's board doesn't agree on fairness of Fnac Darty, Kretinsky bid
29/08/2024 06:49
Aug 29 (Reuters) - Unieuro's UNIR.MI board of
directors did not agree on the fairness of price of a takeover
bid by Fnac Darty FNAC.PA and Ruby Equity Investment, the
Italian consumer electronics retailer said on Thursday.
The offer - for 9 euros in cash and 0.1 newly issued
ordinary Fnac Darty share for each Unieuro share - was
considered fair by only five directors, five deemed it unfair,
and one director abstained from the vote.
Unieuro also raised some "critical issues" regarding the
reasons for the offer, future plans and any following
extraordinary transactions, the statement said.
Fnac Darty said in July that the merged company would aim
for over 10 billion euros ($11.13 billion) in annual sales, and
have around 30,000 employees as well as more than 1,500 stores.
Ruby is an affiliate of Vesa Equity Investment, Fnac's top
shareholder, controlled by Czech billionaire Daniel Kretinsky,
who is vying to expand his sprawling empire of investments
ranging from media to retail and football.
($1 = 0.8981 euros)
(Reporting by Alessandro Parodi, editing by Giulia Segreti and
Lincoln Feast)
((Alessandro.Parodi@thomsonreuters.com;))