Investor consortium Mascot Bidco Oy has ‘received all required authority approvals for its voluntary public recommended cash tender offer for all the shares in Amer Sports Corporation.’
The consortium has now received the required approval for the completion of its tender offer for Amer Sports from the Federal Economic Competition Commission in Mexico. This follows previously received authority approvals a number of other authorities:
- The Foreign Investment Review Board in Australia;
- The European Commission in the European Union;
- The Turkish Competition Authority in Turkey;
- The State Administration for Market Regulation of People’s Republic of China; and
- The Federal Antimonopoly Service of Russia.
In addition, the Competition Bureau in Canada has completed its review process concerning the Tender Offer, and the relevant Hart-Scott-Rodino (federal premerger notification program) waiting period in the United States has expired.
As Mascot Bidco Oy is not aware of any other authority approvals that are necessary to complete the its offer for Amer Sports, the ‘condition to completion of the tender offer concerning the receipt of authority approvals has thus been satisfied’.
Mascot Bidco Oy is an investor consortium that is currently aiming to acquire Amer Sports. It is formed by ANTA Sports, FV Fund (FountainVest Partners), Anamered Investments and Tencent Holdings (which will invest through Mount Jiuhua Investment as a limited partner in FV Fund).
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 the Mascot Bidco Oy consortium, including Chinese sportswear company ANTA Sports Products.
On December 20, 2018, Mascot Bidco Oy commenced a voluntary public cash tender offer recommended by the Board of Directors of Amer Sports. This offer is to purchase all the issued and outstanding shares in Amer Sports that are not held by Amer Sports or any of its subsidiaries.
The acceptance period of the tender offer commenced on December 20, 2018 at 09.30 (Finnish time) and, as a result of an extension announced on February 21, 2019, the acceptance period will now expire on March 7, 2019 at 16.00. (Finnish time).