Pon back in pursuit of Accell with a partial tender offer

Pon Holdings, owner of Cervelo, Santa Cruz, Gazelle, Derby Cycle and others, is back in pursuit of Accell Group, with a new partial tender offer for “an important minority stake” in the Group.

Pon said it intends to make the offer in cash for a number of ordinary shares in Accell. This number, added to all ordinary shares held or otherwise purchased by Pon or its affiliates, is currently set at 20% of the issued and outstanding ordinary shares of Accell Group. The offer price is €19.00 per share.

Pon has reached an agreement with Boron Investments to acquire its shares in Accell, meaning Pon will have 1,345,000 ordinary shares in the capital of Accell Group – around 5.1% of all issued ordinary shares in Accell Group, as of 12 November 2018.

In May last year, Accell halted discussions with Pon over a potential takeover, stating that the “future value” and “expected synergies” had not married as expected.

“Fundamental different situation”

However, Accell Group’s “fundamental different situation compared to last year” (as Pon Holdings puts it) has given Pon chance to pursue a partial tender offer. It intends to acquire an important minority stake in Accell Group and Pon aims and expects to develop, as a long-term shareholder, “constructive relationships with Accell Group’s management, supervisory board and shareholders. Pon Holdings has invited the management board and supervisory board of Accell Group to meet, and to further clarify the Intended Partial Tender Offer.”

Accell’s 2018 half year results saw net profits come in lower than expected in what the group says is a “transitional year”. Pon’s takeover talks last year came while Accell’s full year results were topping €1 billion in turnover, up 6% net at the time.

Pon is one of the Netherlands’ biggest family businesses, with nearly 13,000 employees in 32 countries. It manufactures around 800,000 bicycles under 10 premium brands.