Board also criticises communication shortcomings (Il Sole 24 Ore Radiocor) - Milan, 29 Aug - The Italian consumer electronics and household appliance retailer Unieuro said that its board failed to agree on the fairness of a bid made by the French retailer Fnac Darty and Ruby Equity Investment.

The company said that five board members judged the offer adequate, five rejected it and one member abstained.

The planned acquisition would involve a public offer carried out through an investment vehicle 51% owned by Fnac Darty and 49% by Ruby Equity Investment. Unieuro shareholders turning over their stock would receive 9 euros per share and 0.10 newly issued Fnac Darty shares.

Fnac Darty already own 4.4% of Unieuro.

The board unanimously agreed some shortcoming in the information provided by the bidders regarding the motivation of the bid, future programmes and possible extraordinary measures following the takeover.

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(RADIOCOR) 29-08-24 09:42:57 (0188) 5 NNNN