The sale of Amer Sports, Mavic and Enve’s parent company, may have moved a step closer with the Board of Directors approving the proposed purchase terms from ANTA, a consortium of bidders which includes Chinese tech-giant Tencent.
If successful, the completion of the Offer Process is expected by the 2nd Quarter of 2019.
Recommendation of the Amer Sports Board:
“….the Amer Sports Board unanimously recommends that the shareholders of Amer Sports accept the Tender Offer. All members of the Amer Sports Board have participated in the decision-making concerning this statement.”
A statement which summarises the business rationale behind the consortium bid, reads:
“The Investor Consortium intends to provide Amer Sports with access to ANTA Sports’ extensive distribution network, R&D resources and manufacturing and sourcing capabilities in China, such that Amer Sports will have a significant opportunity to accelerate the expansion of its businesses in the Chinese market.”
Key statements within the Press Release point towards a separately managed group of companies with a degree of continuity provided in terms of management and existing operations:
“The Investor Consortium has stated that it plans for Amer Sports to be operated independently from ANTA Sports, with a separate Board of Directors. Under the new ownership, Amer Sports’ management team would have the autonomy to execute on its business plan under the strategic direction of the Board of Directors.”
Quite possibly this means little change in the short term:
“…. the Amer Sports Board believes that the completion of the Tender Offer is not expected to have any immediate material effects on Amer Sports’ operations and business locations or the position of the employees of Amer Sports.”
What this means for Mavic and Enve is unclear. Both brands were potentially up for sale while this process was on-going. Whether they might still be sold off from the Amer Sports portfolio, prior to the parent company sale, is not stated.
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor. The company’s technically advanced sports equipment, footwear, and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group’s business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports shares are listed on the Nasdaq Helsinki stock exchange (AMEAS).