January 26 (Reuters) – Fnac Darty said on Monday it had received a takeover offer from EP Group, a company controlled by Czech billionaire Daniel Kretinsky, which was favorably received by its board of directors.
Daniel Kretinsky is already the main shareholder of the distributor of cultural products, with a stake of 28.5% of the capital held via the vehicle VESA Equity Investment, a subsidiary of EP Group.
The businessman is offering to take control of Fnac Darty for an amount of 36 euros per share in cash, showing a premium of 19% compared to the closing price of 30.50 euros on Friday.
On the Paris Stock Exchange, Fnac Darty shares climb on Monday to align with the proposed price. The stock rose 17.2% to 35.45 euros at 08:50 GMT.
In a note, TP Midcap analysts, however, judge the premium offered by EP Group “quite low”, their price target being 40 euros.
EP Group’s offer also covers all of the company’s OCEANEs, at a unit price of 81.09 euros.
EP Group does not intend to implement a squeeze-out procedure, nor to modify the company’s dividend policy, said Fnac Darty.
“With this friendly offer (…) we wish to consolidate our commitment by becoming a majority shareholder in the long term,” Daniel Kretinsky said in a press release.
“We are determined to support the current management team, led by Enrique Martinez, and to ensure the sustainability of the company in France, while offering an attractive liquidity opportunity to shareholders,” he added.
This takeover project comes as the second shareholder of Fnac Darty with 21.9% of the capital, the German group Ceconomy, is about to be bought by the Chinese technology giant JD.com.
It also fits into a context of gloomy consumption, particularly in France where Fnac Darty saw its activity weaken in December.
In a separate press release, the group said on Monday that it expected a turnover, at constant exchange rates and comparable scope, stable for 2025, at 10.33 billion euros.
The group also said it had launched an “active process” of searching for a partner for the Nature & Découvertes brand, whose activity it was unable to relaunch.
(Written by Coralie Lamarque, with contributions from Jan Lopatka and Mateusz Rabiega; edited by Blandine Hénault)
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