Dutch transportation and automotive conglomerate Pon Holdings, one of the Netherlands’ biggest privately-held family businesses, confirmed it has made a non-binding, conditional offer to acquire Accell Group NV (AMS: ACCEL) and combine it with its own bicycle activities. The combination would result in the world’s leading global bicycle company, with headquarters in the Netherlands and “with sufficient scale to be the long term winner in the industry,” according to Pon.

“There is an excellent strategic fit between the bike activities of both companies with benefits for all stakeholders, Pon said in a statement.

The proposed offer price of € 32.72 per share represents a premium of 31% compared to the closing share price on March 16, 2017, the day prior to Pon Holding’s initial approach to Accell Group; a premium of 43% to the 3-month volume weighted average price as per April 10, 2017; and a premium of 23% to Accell Group’s all-time high closing share price of € 26.54 per share recorded on April 10, 2017. The proposed offer price includes any dividends for the year 2016 and thereafter.

The Supervisory Board and Executive Board of Accell Group are said to be carefully reviewing and considering all aspects
of the proposal, together with their financial and legal advisors.

Accell Group focuses internationally on the mid-range and higher segments of the market for bicycles and bicycle parts and accessories. The company has leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom and the United States.

In Europe, Accell Group is market leader in the bicycle market measured in turnover. Accell Group’s best known brands are Haibike (Germany), Winora (Germany), Batavus (Netherlands), Sparta (Netherlands), Koga (Netherlands), Lapierre (France), Ghost (Germany), Raleigh and Diamondback (UK, US, Canada), Tunturi (Finland), Atala (Italy), Redline (US), Loekie (Netherlands) and XLC (international).

Accell Group employs approximately 3,000 people in eighteen countries worldwide. The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. Accell Group products are sold in more than seventy countries. The company’s head office is located in Heerenveen, the Netherlands. Accell Group shares are traded on the official market of Euronext Amsterdam and are included in the Amsterdam Small Cap index (AScX). In 2016, Accell Group sold around 1.5 million bicycles and recorded profitable turnover of over € 1 billion.

Pon Holdings is a leading global company with nearly 13,000 employees operating in 32 countries. It supplies high-end products and solutions, develops and manufactures bicycles, and offers engineering solutions in several market segments. The company operates in a large number of markets, from private and commercial vehicles and bicycles, to forklift trucks, tires, road and earthmoving machinery, generators, and total solutions for the shipping industry.

Pon Holdings was founded in 1980 by Ben Pon (junior), a former racing car driver and son of Ben Pon, who became importer of Volkswagen in the Netherlands in 1947. The company traces its roots to the early 1900s.

The bicycle division within the Pon group consists of a portfolio of more than 10 premium bicycle brands. The group has locations in the Netherlands, Germany, the United States, Canada, China, Taiwan, and Australia. In 2017 some 800,000 Pon bikes will make their way to customers around the world, with expected total revenue of about € 700 million.



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