(Updates with details of offer, companies)
By Toby Sterling
AMSTERDAM, April 11 Accell Group, the
maker of Dutch bicycle brands Sparta and Batavus, said on
Tuesday it had received a takeover proposal that values its
stock at 845 million euros ($895 million) from investor Pon
If successful, the merger would create one of the world's
largest makers of bikes and electric bikes and bring more than a
dozen brands together.
"After a detailed assessment of the strategy and performance
of Accell Group, Pon Holdings has concluded there is an
excellent strategic fit between the bike activities of both
companies with benefits for all stakeholders. The combination
results in the world’s leading global bicycle company," Pon said
in a statement.
Pon is a diversified trading and distribution company in the
transportation sector which also owns Gazelle, the biggest Dutch
bike manufacturer. It has been steadily building its other
holdings, notably in electric bikes.
Accell said it was studying the non-binding 32.72 euro per
share proposal, which represents a 27 percent premium to its
closing price of 26.53 euros on Monday.
It said it is in talks with Pon and that there was no
guarantee that the negotiations would lead to a deal.
Accell sold more than a million bikes last year and recorded
a profit of 32 million euros on sales of 1.05 billion.
Its best-known brands include Haibike, Ghost and Winora in
Germany, Lapierre in France, Raleigh and Diamondback in Britain
and the United States, Tunturi in Finland and Atala in Italy.
Pon bought Gazelle and Union in 2001 and Derby Cycle,
Germany's biggest bike maker, in 2013, bringing it the Focus,
Kalkhoff, Univega and Rixe brands.
It also owns Santa Cruz Bicycles and Canada's Cervelo
($1 = 0.9446 euros)
(Reporting by Toby Sterling; editing by Jason Neely)