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Fnac-Darty Merger: From Bidding Wars to Entity Integration
內容大綱
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?
學習目標
The case is intended for senior undergraduate and graduate-level business students in courses on mergers and acquisitions, competitive strategies, and corporate finance. After completing this case, students will be able to<ul><li>understand the entire process of mergers and acquisitions, including strategic situation analysis, target company selection, valuation, due diligence, negotiation and closing, post-merger integration, and post-merger performance review;</li><li>understand the rationale behind an acquisition, the process of an acquisition and its hurdles, integration and synergies creation, and post-merger challenges;</li><li>analyze the strategy a company should use to adapt to a changing market environment and to create value for customers; and</li><li>understand issues in corporate finance such as corporate valuation, cash and stock offers, and walking out of a bid, as well as financial and exchange risks during an acquisition.</li></ul>