Pon Holdings makes takeover proposal of Accell Group

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UPDATE – 12/04/17: Accell has followed with a statement confirming talks are underway in line with article 5 paragraph 2 of the Decree on Public Takeover Bids (Besluit openbare biedingen Wft).

The Accell Group has today issued a statement relating to a proposed takeover from Pon Holdings, valued at around €845 million.

The proposal concerns a public offer for all issued and outstanding shares of Accell Group at an indicative offer price of € 32.72 per share in cash, including the 2016 proposed dividend of € 0.72. Accell’s closing price on Monday came in at €26.53 per share, meaning that the valuation offers a further 27% to shareholders.

In response to the proposal the Accell Group is having exploratory discussions with Pon Holdings. The Supervisory Board and Executive Board of Accell Group are carefully reviewing and considering all aspects of the proposal, together with their financial and legal advisors. Accell Group will take into account the interests of all its stakeholders. There can be no assurance any transaction will result from these discussions.

Accell Group’s best known brands are Haibike (Germany), Winora (Germany), Batavus (Netherlands), Sparta (Netherlands), Koga (Netherlands), Lapierre (France), Ghost (Germany), Raleigh and Diamondback (UK, US, Canada), Tunturi (Finland), Atala (Italy), Redline (US), Loekie (Netherlands) and XLC (international).

Accell Group and its subsidiaries employ approximately 3,000 people in eighteen countries worldwide. The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. Accell Group products are sold in more than seventy countries. The company’s head office is located in Heerenveen (the Netherlands). Accell Group shares are traded on the official market of Euronext Amsterdam and are included in the Amsterdam Small Cap index (AScX). In 2016, Accell Group sold around 1.5 million bicycles and recorded profitable turnover of over € 1 billion.