ANTA Sports Products has passed a resolution required in connection with the Mascot Bidco Oy consortium’s offer for all the shares in Amer Sports Corporation.
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).
A release from Amer Sports noted that ‘The offeror has reserved the right to extend the offer period in accordance with the terms and conditions of the tender offer.’
Amer Sports add that the condition to completion of the tender offer concerning the approval by the shareholders of ANTA Sports has now been satisfied. The completion of the tender offer is still subject to certain conditions. These include: approval for the completion of the tender offer from the Federal Economic Competition Commission in Mexico and the ‘offeror having gained control of more than 90% of the issued and outstanding Amer Sports shares and voting rights.’