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Pon’s Takeover Bid Debated at Today’s Accell Shareholders Meeting

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HEERENVEEN, The Netherlands – Undoubtedly it will be an intensely debated topic at Accell Group’s annual general shareholders meeting that takes place today. That topic is of course Pon Holdings’ offer for the takeover of Accell and the related bid of € 32.72 per share. Today’s trading update of Accell says more on that.

Pon’s Takeover Bid Debated at Today’s Accell Shareholders Meeting
At today’s shareholders meeting Accell Group is to be ‘transparent’ on its discussions with Pon. – Photo Bike Europe

In this morning’s trading update press release it’s not Accell Group’s CEO René Takens making a statement on the takeover bid made by Pon Holdings. That’s probably because he resigns as CEO and Chairman of the Executive Board after the shareholders meeting; he remains involved with Accell Group as advisor. At this meeting Accell’s Supervisory Board intends to appoint Hielke Sybesma, CFO of Accell Group, as interim CEO and interim Chairman of the Executive Board which he will combine with his current role as CFO.

Supervisory Board on takeover bid

Accell’s Supervisory Board says in the trading update press release on Pon Holdings’ takeover bid “On April 11, 2017, it was announced that Accell Group received a non-binding and conditional proposal from Pon Holdings for issuing an offer for all Accell Group shares. In order to be able to thoroughly assess this proposal exploratory discussions are held with Pon Holdings. The Supervisory Board and Executive Board, together with their financial and legal advisors, are carefully reviewing all aspects of Pon Holdings’ non-binding proposal. Accell Group will take into account the interests of all stakeholders. There can be no assurance any transaction will result from this proposal and the ongoing discussions. Further announcements will be made if and when appropriate.”

Transparency at shareholders meeting

On 11 April right after receiving the Pon takeover bid René Takens was quoted in the Dutch press saying “At the 25 April shareholders meeting we will be transparent on our discussions with Pon. I do not expect that we will reach an agreement soon. At this moment our position on the Pon bid is absolutely neutral. The four members of the Accell board of directors and our consultants are working hard to study the proposals of Pon. We are still in the preliminary stages and I really cannot say where we stand.”

Trading update

On Accell Group’s results in the first months of 2017 the press release says “Turnover is at the same level as in 2016. The trends seen in the past year have continued as expected. Sales of e-bikes increased and sales of city and kids bikes decreased. Based on these developments, the company confirms its full year 2017 outlook of an increase in turnover and operational results, barring unforeseen circumstances.”

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