KKR breaks 95% share threshold, Accell Group to go private

The post acceptance period for shareholders to put forward their holding in the Accell Group has seen the customary 95% threshold surpassed with 96.90% now acquired by the offeror, global investment firm KKR (NYSE: KKR).

Drawing to a close a long-running back and forth between the investment giant and institutional holders that saw higher value than the proposed offer, the threshold breach now gives KKR full control and enables it to take the currently listed business into private ownership. A delisting from Amsterdam’s Euronext will now proceed as soon as possible and this will result in the postponed publication of semi-annual results with the intention to forego publication if the delisting is effectuated.

The deal was to proceed anyway, but the last count of 77.8% of shares put up left some difficulties for the offeror and so the post acceptance period, during which the offeror remained fixed, represented a last ditch opportunity for the remaining shareholders to accept the offer. The highest price paid was €58 per share.

Last night a joint statement confirmed: “During the Post Acceptance Period that expired at 17:40 (CET) today, 5,671,703 Shares have been tendered under the Offer, representing approximately 21.12% of the aggregate issued and outstanding share capital of Accell Group on a Fully Diluted basis. In addition, the Offeror today acquired an additional 23,594 Shares, representing 0.09% of the aggregate issued and outstanding share capital of Accell Group on a Fully Diluted basis. Including the Shares already held by or acquired by the Offeror, this amounts to a total of 26,020,905 Shares, representing approximately 96.90% of the aggregate issued and outstanding share capital of Accell Group on a Fully Diluted basis.”

The Accell Group is the parent to Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon.