Accell Expands Stake; Now Biggest Share Holder of Derby Cycle
Yesterday, Accell Group announced that it has expanded its shareholding in Derby Cycle AG. It turns the holding company of bike producers and distributors in the EU and US into the biggest
Yesterday, Accell Group announced that it has expanded its shareholding in Derby Cycle AG. It turns the holding company of bike producers and distributors in the EU and US into the biggest shareholder in Derby Cycle AG. The move is regarded as hostile by Derby CEO Matthias Seidler.
Accell Group already had a close to 6% shareholding in Derby Cycle. In this for some time prepared move, this shareholding was expanded to 22% . The dropped value of the Derby shares contributed to the stake expansion, next to the fact that Accell expects to benefit from the expected growth of e-bike sales in Germany through its stake in Derby Cycle.
Accell Group has already a substantial presence in the German bike market through its subsidiary Winora. In order not to interfere with competition laws in Germany, the stake expansion has been prepared for some time by Accell.
In a reaction to Bike Europe, Derby Cycle CEO Matthias Seidler said: “We view this move by Accell as hostile. For us it is simply unbelievable that Accell Group acts in such a manner in this small industry where everybody talks to everybody.”
He continues: “With the 22% stake Accell Group is now the biggest share holder in Derby Cycle. However, this stake does not mean that Accell will have a seat in our management or Supervisory Boards. The only way they can get a grip on the management of Derby Cycle is through our annual shareholders meeting where they can apply for a place in the Boards.”