Consob has given the go-ahead and therefore the public purchase and exchange offer made by Fnac Darty and Ruby Equity Investments on 100% of Unieuro can proceed. The acceptance period for the offer will start on September 2nd and end on October 25th, obviously barring any extensions of the acceptance period.
Consob approved the offer document which, as announced in late July by the French large-scale distribution company in the technology sector, is mixed: 9 euros cash and 0,1 newly issued Fnac Darty shares for each Unieuro share delivered. The consideration for the offer will be recognized on the fifth trading day following the closing date, i.e. November XNUMXst, unless the acceptance period is extended.
No preliminary agreement, but the French say the takeover bid is not hostile
Il Unieuro title, from the day the offer was announced on July 17th, it immediately shot up around the takeover price. The session of August 23rd was closed at 11,50 euros by Unieuro, while Fnac Darty closed at 29,40 euros. This morning Unieuro changed little. Unieuro was valued at 12 euros per share, with a premium of 42%, equal to 249 million euros of capitalisation, compared to the weighted average price at closing on July 15th. It should be underlined that the offer was not preceded by an agreement with the main shareholders of the Italian company, a public company which sees among its main exponents Iliad at 12,2%, the founding family Silvestrini to 6,2% e Amundi at 5,8%. Furthermore, Fnac revealed that it already owned 4,4% of Unieuro shares on the day of the offer.
From the union a 10,5 billion pole. Earnings per share seen above 10%
Fnac Darty's first shareholder is Czech billionaire Daniel Kretinski: 49 years old, former investment bank lawyer, CEO of Eph, the largest energy group in Central Europe, boasts a net worth – according to Forbes – which amounts to $9,4 billion. The union would create a leading hub in the consumer electronics, household appliances, publishing products and services sectors in Southern and Western Europe, with 10,5 billion in revenue, EBIT of 226 million, 30 thousand employees and more than 1.500 stores, the French group said in a statement. Once fully operational, the expected synergies are 20 million, while the expected impact on earnings per share is estimated above 10% from 2025. The French group is accompanied by Rothschild as financial advisor and by the Chiomenti firm for the legal aspects.
Unieuro, led by the CEO Giancarlo Nicosanti Monterastelli, is the Italian leader in consumer electronics and household appliances with a market share of 17%. Last January it cut its revenue forecast for the full year 2023/2024, after reporting a year-on-year sales decline in the first nine months. In the first quarter of this year, seasonally not very representative for the consumer electronics sector, it recorded revenues of 533,9 million euros, down 7% compared to the corresponding period of the previous year. Unieuro has a dense network of integrated and affiliated stores throughout Italy, with a significant presence in the North and Center of the country (71% of stores). Furthermore, Unieuro is developing service activities, including the integration of Covercare, specialized in home repairs and services.
