French takeover bid for Unieuro, government weighs golden power
The government is evaluating whether to use the golden power against Fnac Darty, the French group that has launched a public purchase and exchange offer on the electronics retailer UnieuroBloomberg reports that the government is considering imposing restrictions on Fnac Darty’s influence on Unieurolimitations that would be justified by the French’s access to the sensitive data of millions of customers. At the moment the evaluations are ongoing and no decision has been made. Fnac Darty has launched atakeover bid on Unieuro with the aim of acquiring all of its capital and delisting it.
The offer, which includes 9 euros in cash and 0.1 Fnac Darty shares each Unieuro share, will end on October 24th. The Unieuro board of directors was divided on the appropriateness of the offered price while unanimously raised “some critical issues” regarding the information on the reasons for the offer, on the offeror’s future plans and on any extraordinary operations following the takeover bid, which values Unieuro at approximately 250 million euros.
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