Amer Sports has issued a statement, at the request of Nasdaq Helsinki, to try and clarify the status of its discussions with a consortium of Asian private equity investors seeking to acquire the company.
Back in September, having confirmed it was considering the sale of its Mavic and ENVE cycling operation, Amer Sports received an indication of interest from a consortium including Chinese sportswear company ANTA Sports Products.
On September 11, 2018, in response to media speculation, Amer Sports Corporation confirmed that it had received a non-binding preliminary indication of interest (the ‘Indication of Interest’) from a consortium comprising ANTA Sports Products Limited and the Asian private equity firm FountainVest Partners (the ‘Consortium’) to acquire the entire share capital of Amer Sports.
Amer Sports further confirmed that, pursuant to the Indication of Interest, Amer Sports shareholders would be entitled to receive a cash consideration of €40.00 per share for all of their shares in Amer Sports.
In relation to recent further media speculation, at the request of Nasdaq Helsinki, Amer Sports confirms that there have been certain discussions between Amer Sports and the Consortium and their respective advisors intended to ascertain whether there is a basis to commence a more formal process to facilitate a possible recommended transaction.
Amer Sports’ shareholders are reminded that implementation of the Indication of Interest remains subject to a number of pre-conditions including, but not limited to, approval of the Board of Directors of ANTA and the Investment Committee of FountainVest, satisfactory conclusion of the Consortium’s due diligence, availability of financing from identified financing sources and receipt of a recommendation from the Board of Directors of Amer Sports.
Completion of a tender offer by the Consortium would in turn be subject to further conditions, including approval by shareholders holding at least 90% of the shares of Amer Sports and receipt of all necessary regulatory approvals.
Amer Sports adds that it will release further information at an appropriate time.