Fnac Darty: AMF Approves Daniel Kretinsky's Takeover Bid at 36 Euros per Share
The French Financial Markets Authority has approved the takeover bid for Fnac Darty initiated by EP FR HoldCo, a company controlled by Daniel Křetínský. The offer includes Fnac Darty shares at 36 euros each and OCEANE bonds at an indicative price of 81.12 euros, while the group formed around the initiator already holds 28.45% of the capital and voting rights. The initiator has indicated that there will be no compulsory withdrawal or delisting following the operation.
In its session on May 7, 2026, the AMF reviewed the public takeover bid for Fnac Darty's shares and OCEANE bonds submitted by EP FR HoldCo. The regulator declared the project compliant and affixed visa no. 26-129 to Fnac Darty's response document. This visa confirms that the AMF has verified that the document is complete, understandable, and that the information it contains is consistent; however, it does not constitute an approval of the operation, nor a certification of the financial and accounting elements presented.
An Offer at 36 Euros per Share and 81.12 Euros per OCEANE
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EP FR HoldCo commits to acquiring Fnac Darty shares at a price of 36 euros per share, dividend included, as well as the OCEANE bonds at 81.12 euros, this amount being subject to adjustment depending on the final settlement-delivery date. The offer targets shares not held by the consortium formed with VESA Equity Investment, which already represents 28.45% of Fnac Darty's capital and voting rights. It also covers certain shares that may be issued before the offer closes, particularly under free share plans or the conversion of OCEANE bonds. Importantly for minority shareholders, the initiator does not intend to request the implementation of a compulsory withdrawal or the delisting of Fnac Darty's shares and OCEANE bonds, even if the necessary conditions were met after the offer. The precise timetable for the takeover bid will still need to be published later, following the dissemination of the targeted documents and additional regulatory information.
Notre groupe réalise une performance très solide dans un contexte complexe
Risks mentioned
Environnement de consommation peu porteur en France affectant l'activité
Recul des produits éditoriels pénalisés par un effet de base défavorable après le lancement réussi de Switch 2 en 2025
Contexte complexe en France illustré par les récents événements de vols et de violences en magasins
Opportunities identified
Progression du Click & Collect représentant près de 50% des ventes en ligne du Groupe
Croissance des activités de services soutenue par une forte dynamique des offres par abonnement
Déploiement des initiatives stratégiques du plan Beyond Everyday en Italie avec synergies confirmées à 20M€ fin 2026
Outlook / guidance
Management commentary: Le Groupe confirme anticiper pour 2026 une progression de son taux de marge opérationnelle courante et de son cash-flow opérationnel
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
