Amsterdam-listed Accell Group (home of Haibike and Raleigh) has pulled the plug off talks with private Dutch transportation group Pon Holdings stating the offer failed to provide “adequate recognition of the future value Accell Group can create independently”. The original offer valued Accell at €845m.
Hielke Sybesma, interim chairman of Accell, 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. It has also become clear that the offer lacks sufficient support from shareholders.
Pon expressed “surprise” at Accell’s decision “to reject this new proposal and to suddenly break off the discussions”.
Accell is Europe’s largest bicycle company by turnover, selling about 1.5m bikes each year. Pon, which owns Dutch brand Gazelle and the German bike company Derby Cycles, expects to sell 800,000 bicycles in 2017. Their combined sales would have been worth about €1.7bn annually.