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Shareholders fail to approve Accell buyout offer

Shareholders fail to approve Accell buyout offer

HEERENVEEN, Netherlands (BRAIN) — A consortium’s bid for Accell Group has failed, at least temporarily. Accell, one of the world’s largest bike companies, announced in…

Tuesday, Jun 07

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HEERENVEEN, Netherlands (BRAIN) — A consortium’s bid for Accell Group has failed, at least temporarily.

Accell, one of the world’s largest bike companies, announced in January that KKR and Teslin Alpine Acquisition had agreed to buy all-cash its shares for 1.56 billion euros ($1.76 billion). The bid would have taken the company off the stock market if 80% of shareholders accepted. Accell Group’s board had recommended that shareholders accept the bid.

However, Accell and the bidding consortium announced that holders of only 73.53% of Accell Group shares agreed to the buyout at an offer price of 58 euros per share.

"Since this Acceptance Threshold (of 80%) was not met, the Offeror will consider its options and inform the market in due course," the release said. It said it would announced its next move no later than Thursday, June 9.

Accell Group’s brands include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. Its P&A brand is XLC. Accell Group employs about 3,100 people across 15 countries.

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