Made the right move
Steinhoff* has backed off its offer for Darty after it made three offers in a single day but got bested by a higher offer. When a bidding war erupts the only winner is the seller and backing off was absolutely the right thing for Steinhoff. A great asset is not great if you overpay for it. Further, Steinhoff will actually make some profit on the Darty shares it owns and it has pushed a competing company to overpay. So while Steinhoff did walk away, it’s the winner here.
The logo of electronics and white goods company Darty on a billboard in Englos, northern France.