LONDON (dpa-AFX) - Steinhoff International Holdings said that the Co-Operation Agreement entered into between Conforama, a wholly owned subsidiary of Steinhoff International Holdings N.V., and Darty plc. (DRTY.L) on 18 March 2016 requires Conforama to keep the Final Offer open until 10 June 2016 provided that the board of Darty has not withdrawn its recommendation. Accordingly, Conforama confirmed that it will not extend the Final Offer and announces today that the Final Offer has lapsed and is no longer capable of acceptance.
On 11 April 2016, Conforama published an offer document setting out the full terms and conditions of the Offer , announced on 18 March 2016. On 21 April 2016, the board of Conforama announced the terms of an increased cash offer at an offer price of 160 pence per Darty Share, which was declared final on 27 April 2016.
Conforama notes the increased offer by Groupe Fnac S.A. ('Fnac') of 170 pence per Darty share announced on 26 April 2016.
Conforama further notes that the board of Darty announced on 31 May 2016 its unanimous recommendation to Darty shareholders to accept the Fnac Offer. As of the close of business on 31 May 2016 , Conforama and its concert parties held 108.03 million Darty Shares representing approximately 20.40 per cent. of the current issued share capital of Darty.
As at 1.00 p.m. on 31 May 2016 , Conforama had received valid acceptances of the Offer in respect of 4.04 million Darty Shares representing approximately 0.76 per cent. of the current issued share capital of Darty, as a result of which Conforama and other wholly owned subsidiaries of Steinhoff either owned or had received valid acceptances of the Offer in respect of a total of 112,061,060 Darty Shares, representing approximately 21.16 per cent. of the current issued share capital of Darty all of which may count towards the satisfaction of the Acceptance Condition. No acceptances have been received from Darty Shareholders acting in concert with Conforama.
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