News Article

Dutch Gazelle Owner Pon Places Bid for Derby Cycle

Sales & Trends

Derby Cycle AG and Dutch Pon Holding (owner of bike maker Gazelle) have today signed a Business Combination Agreement (BCA) and have thus entered into a strategic cooperation. In addition, Pon Holding has committed itself in the BCA that it will make a voluntary public offer to all shareholders in Derby Cycle AG for

CLOPPENBURG, Germany – Derby Cycle AG and Dutch Pon Holding (owner of bike maker Gazelle) have today signed a Business Combination Agreement (BCA) and have thus entered into a strategic cooperation. In addition, Pon Holding has committed itself in the BCA that it will make a voluntary public offer to all shareholders in Derby Cycle AG for 28 euro per share in cash.

Under the terms of the BCA, the offer will be subject to a small number of conditions only, including in particular the approval of the merger by the responsible anti-trust authorities and an acceptance rate of 50% of the capital stock and voting rights in Derby Cycle AG plus one share. It is further agreed under the BCA that Pon will not seek to make any changes to the composition of the Management Board of Derby Cycle.

In addition, it is intended that Derby Cycle AG should retain its independence and stock market listing for at least 18 months. Thus, the parties agreed to exclude entry into a control and/or profit transfer agreement as well as a squeeze-out for the same time period. Furthermore, Pon has declared to financially support Derby Cycle in its future aspired growth, in particular in the case that Derby Cycle should realize a currently considered acquisition.

Derby Cycle expects the offer documents to be published by Pon Holding Germany GmbH and the acceptance period to commence in the course of the next weeks. The acceptance period is intended to last a maximum of five weeks. The offer price values Derby Cycle AG‘s share capital at a total of 210.0 million euro.

 

 

Comment on this article