Sufficient shareholders have expressed support for acquiring Accel, a well-known bicycle manufacturer for brands such as Batavus and Sparta. The deal is worth 1.6 billion euros. The deadline for shareholders to offer their shares to the US KKR-led group of investors ended Friday evening. Some key shareholders have already announced that the offer is too low.
KKR and other buyers wanted to secure 80 per cent of all shares for acquisition, which was already in the lower range than the usual 95 per cent. But after the deadline, bicycle manufacturers and investors said shareholders had not yet tendered 74 per cent of the pieces.
The Buyers’ Association, which also includes current partner Deslin, may extend the registration period or cancel the purchase. The investor panel will announce next Thursday whether this will happen.
Known for its bicycle brands Coga, Babboe and Lapierre, Accel expects to grow rapidly internationally under the care of new owners. If the company is listed, it will be easier to invest more in advance in foreign markets, including the United States, for further expansion.
This spring, Het Financieele Dagblad, a French investor in Monetta Asset Management, announced that it believed the Axel offer was undervalued. The insurer will be negative about the ASR acquisition plan.
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