Accell Group has issued a statement on the pending acquisition of Derby Cycle by Pon Holdings. Accell Group notes that the offer by Pon Holdings ‘strongly increases in value’ its own existing stake in Derby Cycle and that Accell Group has no plans to make a competing offer for Derby Cycle, which owns brands such as Focus and Raleigh.
In August, Accell Group increased its minority stake in Derby Cycle AG to 22%. At that time, Accell Group reached agreement with a third party to purchase shares, and acquired shares through the stock exchange, taking advantage of lower share price levels.
The company’s latest official statement is as follows…
‘Accell Group N.V. has taken notice of the intention of Pon Holdings B.V. to make a public offer for all outstanding shares of Derby Cycle at a price of €28 per share. Accell Group announces that it does not intend to launch a competing offer for Derby Cycle. A competing offer would create too little value and would burden the balance sheet of Accell Group too much. The intended offer of Pon Holdings for Derby Cycle means a strong increase in value of Accell Group’s 22% stake in Derby.’
