Steinhoff in bidding war for Darty

What is going on at Steinhoff? And more specifically, why are they involved with a business called Darty? Darty is a London listed, mostly French business, that seems (as per their website) to sell all sorts of household products from computers and electronics (including photography) to household appliances, garden equipment, about everything a home needs. The last six month results (HY results 2015/16 announcement) saw a very marginal sales increase. The stock back then had just risen as another French business that is similar, FNAC, made a scrip (shares) offer to Darty shareholders. A month ago, Michael gave a rundown of what was happening -> Steinhoff buying Darty, drops HRG.

As you can see, the big difference is that Steinhoff have the cash, for FNAC this is an all shares affair. Two days back, the Steinhoff subsidiary that is looking to buy Darty, Conforama, announced that they had secured 19.5 percent of Darty at 138 pence a share. FNAC turned around yesterday and said that they'll offer 145 pence a Darty share. Without skipping a beat, and looking like very modern day bidding at an antique goods auction, Steinhoff offered 150 pence. FNAC, not to be outdone, offered 153 pence a share shortly thereafter. Inside of a half an hour, Steinhoff came back with a 160 pence offer.

I am guessing out loud here that based on the smaller size and scale of FNAC, their inability to woo a sizeable amount of shareholders inside the business looking to be acquired, that the market has decided Steinhoff are the number one bidder at this stage. And that FNAC are unlikely to go any higher than this already stretched territory. I may be very wrong however, Darty count Vivendi as a 15 percent shareholder, they certainly have the firepower and are keen to lend a hand here. Michael gets a great quote in this Bloomberg article -> Steinhoff Leads Rapid-Fire Darty Auction With $1.2 Billion Offer. The pound seat seems to be that of Darty for now, it is obviously an attractive enough asset to chase (from 65 pence in the middle of last year). Darty shareholders will decide after the auctioneer catches their breath.