EP Group's proposed takeover bid for Fnac Darty at a price of €36 per share, in cash

Core Viewpoint - EP Group has proposed a public tender offer for Fnac Darty shares at a price of €36 per share, which includes a dividend for the 2025 financial year, and €81.09 per OCEANE [2][8] Offer Details - The offer is set to be filed with the Autorité des marchés financiers (AMF) before the end of Q1 2026, subject to regulatory approvals and employee consultations [4][9] - The offer does not require a success threshold beyond achieving more than 50% of the share capital or voting rights [3] Board Reception - The Board of Directors of Fnac Darty has unanimously welcomed the offer, noting it provides a liquidity opportunity for shareholders at a premium of 19% over the last closing share price prior to the announcement [6][7] - The Board intends to maintain the current management team and headquarters in France, while also planning to adjust the Board's composition post-offer [5][13] Financial Implications - The proposed price of €36 per share represents a premium of 19% over the last closing share price, and 24% and 26% over the 1- and 3-month volume-weighted average share prices [6][8] - The offer price for OCEANEs is set at €81.09, reflecting their par value plus accrued interest [21] Independent Review - An independent expert, Ledouble, has been appointed to assess the fairness of the financial conditions of the offer, with a reasoned opinion from the Board to follow [11][12]