EP Group Launches Public Takeover Offer for Fnac Darty at 36 Euros per Share
EP Group, controlled by Daniel K?etínský, has proposed to the board of directors of Fnac Darty to submit a public takeover offer for all the shares of the retailer at a price of 36 euros per share, according to a statement released on Monday, January 26, 2026. The offer, to be carried out by EP FR HoldCo, a subsidiary largely owned by EP Group, also targets OCEANE bonds at a unit price of 81.09 euros.
Board Receives Offer
The board of directors of Fnac Darty received this proposal on Friday, January 23, after market close, the group reports. The offered price represents a 19% premium over the last closing price before the announcement and 24% and 26% over the one and three-month volume-weighted average prices, respectively, the statement details. Vesa Equity Investment, a subsidiary of EP Group, currently holds 28.5% of the capital and voting rights of Fnac Darty. The initiator has indicated that it does not intend to request the implementation of a mandatory withdrawal procedure following the offer, according to the text. The transaction is not subject to any success threshold other than the mandatory lapse threshold of more than 50% of the capital or voting rights as provided by the AMF general regulations.
Filing of the Offer
The filing of the offer with the Financial Markets Authority is scheduled before the end of the first quarter of 2026, according to the schedule communicated by the company. The operation will be subject to customary conditions, including obtaining regulatory approvals and the completion of the information and consultation process of the relevant employee representative bodies, the group specifies. EP Group has expressed its intention to continue the main strategic directions implemented in the Beyond everyday plan, to maintain the management team and the headquarters in France, while modifying the composition of the board of directors to reflect the new shareholder structure, the statement indicates. The initiator does not intend to change the company's dividend policy, the text adds.
Board's Favorable Reception
The board of directors has unanimously welcomed the proposed transaction favorably, without prejudice to the reasoned opinion that will be issued after the delivery of the report by the independent expert, according to the group. In accordance with the AMF general regulations, an ad hoc committee has been formed, composed predominantly of independent directors and chaired by Sandra Lagumina. It also includes Olivier Duha, Jean-Marc Janaillac, and Jacques Veyrat, chairman of the board of directors. The firm Ledouble, represented by Agnès Piniot, has been appointed as the independent expert to establish a report on the fairness of the financial terms of the offer, the statement specifies. The board of directors has approved the terms of an agreement concluded today between the initiator and Fnac Darty governing the respective commitments of the two parties in this transaction. Rothschild & Co acts as financial advisor to Fnac Darty and Bredin Prat as legal advisor, the company indicates.
