Fnac Darty's stock leapt 17% after EP Group, controlled by Czech billionaire Daniel Kretinsky, unveiled a friendly takeover bid that pegs the French electronics and cultural goods retailer at roughly €1.1 billion. The offer is a cash bid of €36 per share, equal to a 19% premium over the company’s closing price before the announcement.
EP Group stated its intention to move Kretinsky’s ownership from the present 28.5% to a majority stake exceeding 50%, while explicitly indicating there are no plans to initiate a squeeze-out of remaining shareholders. The Board of Directors at Fnac Darty has given the proposal its unanimous backing.
Alongside the acquisition proposal, the company published preliminary full-year 2025 results. Reported revenue rose by 0.7% year-on-year to €10.3 billion, and current operating income reached €203 million, translating into a 2.0% operating margin. Fnac Darty also disclosed an intention to seek a partner to facilitate the disposal of its Nature & Découvertes subsidiary.
EP Group has committed to preserve key elements of the business post-transaction. Those commitments include maintaining the retailer’s "Beyond Everyday" strategy, retaining the current management team, leaving the company’s headquarters in France, and continuing the existing dividend policy.
Market observers noted that the offer could be bolstered if other significant shareholders decide to tender their holdings. Analysts at Kepler commented, "We see a high likelihood that Ceconomy (21.9%) and GLAS (10%) will tender their shares, improving the likelihood of the offer." Ceconomy currently holds a 21.9% stake in Fnac Darty and is in the process of being acquired by JD.com, a development referenced in the context of the shareholder landscape.
According to the timeline provided, the offer is expected to be filed with France’s market regulator AMF before the close of Q1 2026. Subject to the necessary regulatory clearances, completion of the transaction is anticipated in the first half of 2026.
The combination of a cash premium, board support and EP Group’s public assurances about strategy and governance appears to have driven the immediate market reaction. The company’s modest top-line growth and positive operating income in preliminary FY25 results were released concurrently with the bid, and management’s plan to find a partner for Nature & Découvertes was disclosed at the same time.