Fnac Darty: AMF clears Daniel Kretinsky's takeover bid
The Autorite des marches financiers (AMF) announced yesterday that it has approved the public tender offer filed by EP FR Holdco, Daniel Kretinsky's investment vehicle, for the retailer.
According to the statement released by the regulator, EP Group is offering 36 euros in cash for each Fnac Darty share and 81.12 euros for each Oceane (bonds convertible into and/or exchangeable for new or existing shares).
The offer targets all securities not yet held by EP Group and Vesa Equity Investment, which already act in concert to control 28.45% of the retailer's share capital and voting rights. It also covers treasury shares held by Fnac Darty, restricted shares held by CEO Enrique Martinez, and any shares that may be issued prior to the closing of the transaction.
In total, the takeover bid could involve up to 20,642,133 shares, a figure that could rise to 21,728,044 should new shares be issued during the offer period. The 564,098 Oceane bonds currently in circulation are also included in the scope of the offer.
Furthermore, the AMF noted that EP Group does not intend to implement a squeeze-out or delist Fnac Darty's shares and Oceane bonds following the transaction, even if the requisite conditions for doing so are met.
Fnac Darty is No. 1 in France for distribution of cultural and leisure products. The group's activity is organized into 4 divisions:
- distribution of cultural and IT products and consumer electronics: books, toys, gaming consoles, music CDs, telephones, IT products (computers, tablets, peripherals, software, etc.), hi-fi products (televisions, stereo systems, DVD readers and recorders), cameras and video recorders, MP3 players, DVD films, household appliances, etc. The company operates through a network of stores (owned nearly 1,484 points of sale as of the end of 2025 worldwide) and via the Internet;
- sales of photo developing services;
- distribution of event tickets: concerts, theater productions, operas, expositions, circuses, museums, etc.;
- travel sales (Fnac Voyages).
Net sales are distributed geographically as follows: France (58.7%), Italy (25%), Belgium (6.1%), Portugal (5.2%), Spain (2.9%) and Switzerland (2.1%).
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