PARIS, April 27 (Reuters) - South African furniture retailer Steinhoff said on Wednesday that it will not raise its 160 pence per share offer for Darty, leaving the door open for French rival Fnac to buy the London-listed electronics good chain.
Fnac on Monday raised its offer for Darty to 170 pence per share, valuing Darty at around 900 million pounds ($1.3 billion). It said on Tuesday it had the backing of a majority of Darty shareholders.
Steinhoff’s statement ends a battle for control of Darty which intensified last week with a barrage of bids made on April 21.
Steinhoff said in a statement quoting the chief executive of its Conforama unit that its 160 pence per share offer for Darty “reflects evaluation criteria we use for all acquisitions, including return on investment and value creation”.
“At an increased price, the Darty business would no longer create sufficient value for Steinhoff shareholders, employees and other stakeholders,” the statement said.
Reporting by Dominique Vidalon; editing by Jason Neely