Accell Group has today announced it will currently not continue the exploratory discussions with Cervélo owner Pon Holdings about Pon Holding’s public, non-binding and conditional offer of 11 April. Hielke Sybesma, interim-Chairman of the Executive Board, said “Having studied every important aspect of the offer, the Supervisory Board and the Executive Board have come to the joint conclusion that Pon Holding’s offer does not sufficiently reflect the future value creation of Accell Group and the expected synergies.”
Sybesma continued, “It has also become clear that the offer lacks sufficient support from shareholders. The reference we used for our assessment of the proposal was the roll-out of our refined strategy and the value this will enable us to create, as well as the interests of all stakeholders. Based on this we will currently discontinue the talks with Pon Holdings.”
Having conducted a number of discussions on the original offer, Pon Holdings subsequently indicated on 29 April that it wanted to raise its indicative offer to €33 per share in cash (excluding the dividend of €0.72 for 2016) while maintaining the remaining terms of its proposal. However, according to Accell Group, this increase did not significantly affect the assessment of the proposal.
The starting point of the Supervisory Board and the Executive Board of Accell Group is the successful roll-out of its refined strategy in a stand-alone scenario. To the Supervisory Board and the Executive Board of Accell Group, Pon Holding’s (increased) indicative offer price ‘constitutes inadequate recognition of the future value Accell Group can create independently’.
A release from Accell Group added, ‘This currently does not give them the confidence that continuation of talks with Pon Holdings could lead to a final proposal that could count on sufficient support from shareholders.’
Accell Group NV focuses internationally on the mid-range and higher segments of the market for bicycles and bicycle parts & accessories. The company claims leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom and the United States. In Europe, Accell Group is ‘the market leader in the bicycle market in terms of turnover’.
Accell Group’s best known brands are Batavus (Netherlands), Sparta (Netherlands), Koga (Netherlands), Loekie (Netherlands), Ghost (Germany), Haibike (Germany), Winora (Germany), Raleigh and Diamondback (UK, US, Canada), Lapierre (France), Tunturi (Finland), Atala (Italy), Redline (US) and XLC (international).
Accell Group and its subsidiaries employ approximately 3,000 people in 18 countries worldwide. The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. Accell Group products are sold in more than 70 countries. The company’s headquarters are located in Heerenveen (the Netherlands). Accell Group shares are traded on the official market of Euronext Amsterdam and included in the Amsterdam Small Cap index (AScX).