Steinhoff International Holdings N.V. in liquidatie
Steinhoff International Holdings N.V. : Steinhoff International Holdings announces firm offer to acquire Darty plc
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous Steinhoff International Holdings announces firm offer to acquire Darty plc (“Darty”) 18 March 2016 On 2 March 2016 Steinhoff announced that Conforama, a wholly owned subsidiary of Steinhoff had put forward a proposal to the Board of Darty seeking their recommendation for an all cash offer to be made by Conforama for the entire issued share capital of Darty with a value of 125 pence per Darty share. Having concluded the due diligence review, Steinhoff is pleased to announce that the boards of Darty and Conforama have reached agreement on the terms of an all cash offer to be made by Conforama at 125 pence per Darty Share, and that unless FNAC announces a higher and deliverable offer, the board of directors of Darty currently intend to unanimously recommend such offer to its shareholders. The Offer values the share capital of Darty at approximately £673 million. Commenting on the Offer, Alexandre Nodale, CEO of Conforama, said: “The Offer represents an attractive opportunity for both companies to develop their combined footprint, particularly in France, through an expanded offering of household goods and complementary products for the end consumer. Significant value would also be unlocked through scale benefits in terms of the resultant combined purchasing volumes, logistics and multichannel distribution. In addition, the Offer represents an opportunity for Darty management and all its employees to become an integral part of a leading specialised European retailer within which they will be able to excel and advance their career prospects.” Commenting on the Offer, Alan Parker, Non-Executive Chairman of Darty, said: “Darty is one of the most recognised and respected brands in French retailing. It is no surprise that Steinhoff has recognised both the successful turnaround of Darty by our management team as well as the strength and quality of our business. The cash offer by Conforama represents a premium to the existing Fnac offer, a 54% premium to the price before any potential bidders emerged, and provides greater certainty for our shareholders. As a result the Board currently intends to recommend the offer to Darty shareholders.” No intention to make an offer for Home Retail Group plc (“HRG”) Similarly on 19 February 2016 Steinhoff announced that it had put forward a proposal to the Board of HRG seeking their recommendation for the possible all cash offer for the entire issued and to be issued share capital of HRG, which would result in HRG shareholders receiving a total value of 175 pence per HRG share. Having concluded the due diligence review on HRG, Steinhoff confirmed earlier today that it does not intend to make an offer for HRG. Commenting on the rule 2.8 announcement, Markus Jooste, CEO of Steinhoff, said: “Having concluded our due diligence review and ancillary discussions, we have evaluated our findings against our investment criteria and today come to a decision not to proceed with a firm intention announcement and offer. HRG is a compelling business with unique attributes that remains attractive on many fronts. We wish to express our appreciation for the way in which the process has been conducted and for the professional manner in which the Company and its management facilitated our due diligence review.” Enquiries:
Information on Conforama and Steinhoff Conforama is a leading European retailer of furniture and household goods and a member of the Steinhoff Group. Its core product lines include furniture, household electronics goods and home accessories. It employs a multi-style product strategy and also operates an online sales platform via a “click-and-collect” model, which is supported by its physical store network, comprising 285 stores, with the majority in France, and the remainder in Spain, Portugal, Italy, Switzerland, Croatia and Luxembourg. Its annual revenues amounted to EUR3.2 billion and EBIT was EUR160 million for the year ended 30 June 2015. Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange and has a current market capitalisation of approximately EUR21 billion, approximately 105,000 employees and broad global operations with a presence in the UK, Continental Europe, Southern Africa and the Pacific Rim. Information relating to Darty Darty is a leading multi-channel service-led electrical retailer operating over 400 stores and websites in three European countries, with a focus on white goods as well as brown and grey. Darty is also the number two electrical retailer in Belgium and the leading multi-channel retailer in the Netherlands via recognised local brands (Vanden Borre and BCC respectively). Darty generated an annual turnover of over EUR3.5 billion in 2014/15 through the operations of Darty and Mistergooddeal in France, Vanden Borre in Belgium and BCC in the Netherlands. Its ordinary shares are listed with the UK Listing Authority and trade on the market for listed securities on the London Stock Exchange under the symbol DRTY.L. It is also listed on the Euronext Paris.
2016-03-18 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | Steinhoff International Holdings N.V. | |
Herengracht 466 | ||
1017 CA Amsterdam | ||
Netherlands | ||
Phone: | +27218080700 | |
Fax: | +27218080800 | |
E-mail: | investors@steinhoffinternational.com | |
Internet: | www.steinhoffinternational.com | |
ISIN: | NL0011375019 | |
WKN: | A14XB9 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Munich, Stuttgart | |
End of News | DGAP News Service |