Accell rejects offer to create world’s biggest bike making company
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Bike company Accell has rejected an all cash offer from trading group Pon Holdings which would have created the biggest bicycle maker in the world.
Accell, which owns the Batavus, Koga and Sparta brands, said on Tuesday it did not wish to continue the talks ‘at this time’.
On April 11, Pon offered €32.72 a share for Accell, valuing the company at €848m. On April 29 Pon raised its offer to €855m.
Accell’s acting chairman Hielke Sybesma said in a statement that after considering all the ‘import aspects’ of the offer, the executive and supervisory boards concluded that the proposal did not ‘sufficiently reflect’ Accell’s value or the forecast synergies of the merged group.
Pon currently owns 10 bike brands and is active in the Netherlands, Germany, US, China and Australia. The company expects to sell some 800,000 bikes this year for some €700m.
Accell, which operates in some 70 countries, focuses on more expensive custom bikes and e-bikes and booked turnover of more than €1bn in 2016.
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