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Top shareholder in Darty backs Steinhoff's $975m bid

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Johannesburg - A top shareholder in Darty will back Steinhoff's [JSE:SHF] $975m takeover bid for the French electronic goods retailer, the South African furniture group said on Monday.

Steinhoff said its offer had the support of Schroder Investment Management, a British hedge fund firm. Schroder owns about 14% of Europe's third-largest electronics retailer, making it the biggest shareholder.

Investors have until May 2 to accept the offer, which trumped a competing bid from French retailer Fnac last month and has the backing of Darty's board.

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