PRAGUE, Jan 26 (Reuters) - Czech investor Daniel Kretinsky's EP Group plans to launch a voluntary offer to take control of French retailer Fnac Darty, valuing the firm at 1.1 billion euros ($1.3
Czech Investor Kretinsky Proposes Buyout of Fnac Darty Retailer
EP Group's Offer for Fnac Darty
PRAGUE, Jan 26 (Reuters) - Czech investor Daniel Kretinsky's EP Group plans to launch a voluntary offer to take control of French retailer Fnac Darty, valuing the firm at 1.1 billion euros ($1.3 billion), EP Group said on Monday.
Details of the Proposal
It said its cash proposal for shares and convertible bonds offered a 19% premium over Fnac's last closing price on Friday of 30.25 euros ($35.87) per share and had board support.
Support from Board of Directors
"With this friendly offer, which has been welcomed by the Board of Directors, we want to consolidate our commitment by becoming the majority shareholder in the long term," Kretinsky said in a statement.
Commitment to Current Management
"We are committed to supporting the current management team led by Enrique Martinez and ensuring the company's French foothold, while providing an attractive liquidity opportunity to shareholders," he added.
"Together with the members of the Board of Directors, we have unanimously welcomed this proposed offer. We ... are starting our work to issue our reasoned opinion to shareholders in the coming weeks," Fnac Darty's Chairman Jacques Veyrat said in a statement.
EP Group, majority-owned by Kretinsky, already holds 28.5% in the company through its VESA investment vehicle.
EP Group said it did not intend to squeeze out minority shareholders nor change the firm's dividend policy.
($1 = 0.8433 euros)
(Reporting by Jan Lopatka and Mateusz Rabiega; Editing by Kate Mayberry)
