The takeover battle for retail giant GIB Group has ended with a joint takeover bid from Ackermans and Van Haaren and Compagnie Nationale à Portefeuille.

The two companies have said they would pay €43 (US$42.3) per share for GIB and they would split control of the company between them.

Most of GIB's assets have been sold off in the past few years, reported the Wall Street Journal Europe, leaving a holding company with €1.3bn in cash.