Fnac-Darty Merger: From Bidding Wars to Entity Integration

Wiboon Kittilaksanawong; Hanna Tayeb;

商品編號：9B17M187
出版日期：2017/12/20
再版日期：2017/12/20
商品來源：Ivey
商品主題：Entrepreneurship; Finance; General Management/Strategy; International Business
商品類型：Case (Pub Mat)
涵蓋議題：mergers and acquisitions;bidding war;post-merger integration;synergy creation;corporate finance;corporate valuation
難易度：4 - Undergraduate/MBA
內容長度：15 頁
地域：France; United Kingdom
產業：Retail Trade;
事件年度：2016

In September 2015, Groupe Fnac (Fnac), a large French retail chain, announced it had acquired long-time competitor Darty Limited (Darty) in an effort to counter competition from online retailers, particularly American e-commerce giant Amazon.com, Inc. Fnac’s first offer had been declined, but Fnac and Darty negotiated and agreed on a new offer in November 2015. Unexpectedly, in March 2016, a South African-based retail holding company, Steinhoff International Holdings N.V., made a bigger offer. After an intense bidding war, Fnac successfully acquired Darty in April 2016 for 60 per cent over its first offer. The new company, Groupe Fnac Darty, faced several challenges. It needed to convince its stakeholders that the two emblematic competitors could create better value for them, despite their different identities and corporate cultures. How should the combined entity achieve the announced €130 million in annual synergies by 2019? And would the new entity survive the aggressive competition of e-commerce?

教學手冊：8B17M187;
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