Slaughter and May is advising Darty Plc - approach from Groupe Fnac SA regarding possible offer for Darty

Slaughter and May is advising Darty plc in relation to a proposal received from Groupe Fnac SA (Fnac) regarding an all-share offer by Fnac for Darty on the basis of 1 Fnac share for every 39 Darty shares held. The proposal currently values Darty at 101p per share based on the closing prices on 29 September 2015. In addition, Darty shareholders would be entitled to retain the final dividend of 2.625 cents payable on 13 November 2015 to those shareholders on the record as at 23 October 2015.

The Darty Board has considered the proposal and concluded that it should further explore the benefits of a potential combination with Fnac. In accordance with the Takeover Code, by no later than 5pm on 28 October 2015 Fnac must either announce a firm intention to make an offer for Darty or announce that it does not intend to make an offer. This deadline can be extended with the consent of the Panel.

Bredin Prat is advising Darty on competition law matters.