Takeover bid on Fnac Darty: EP Group notifies offer at €35 to Brussels
The vehicle EP FR HOLDCO has submitted the offer to the European Commission as part of merger control review, a preliminary step before setting the closing date of the public takeover bid targeting Fnac Darty.
EP FR HOLDCO, a vehicle controlled by EP Group and established for the purposes of the transaction, announced on September 14, 2026 that it had filed with the European Commission the formal notification of its draft public takeover bid for the shares and OCANEs in circulation of Fnac Darty, in accordance with Regulation (EC) No 139/2004 on the control of concentrations between undertakings.
Subject to confirmation by the European Commission that the notification file was complete on the notification date, the Phase I examination period should expire in early November at the latest, subject to suspension or extension in accordance with the provisions of the European regulation on concentrations.
In accordance with the opinion published by the AMF on May 11, 2026, the closing date of the offer will be set after receipt of supporting documents concerning the obtaining of this authorization and should occur by the end of 2026. In the event of success, the offer should then be reopened for at least ten trading days.
Price of €35 per share and favorable opinion from the board
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The offer price is €35 per share following the payment, on June 5, 2026, of a dividend for the 2025 financial year of €1 per share, and €81.16 per OCEANE. The offer was declared compliant on May 7, 2026 by the AMF, which approved the information document of EP FR HOLDCO under number 26-128 and the response note of Fnac Darty under number 26-129.
The Board of Directors of Fnac Darty, on the recommendation of the ad hoc Committee, issued a favorable opinion on the offer. Ledouble, acting as independent expert, issued a report stating that the financial terms of the offer are fair for shareholders and OCEANE holders.
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.
