Made the right move

Finweek English Edition - - MARKET PLACE -

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.

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