Pon Paid 200 million for Derby Cycle
AMSTERDAM, The Netherlands – After buying the last five percent of the issued shares of Derby Cycle AG on December 28 financial analysts put the total purchase price for Derby Pon paid at around 200 million euro.
To acquire the full one hundred percent of the issued Derby Cycle AG shares Pon Holdings had to buy the 22% of the Derby shares Accell Group NV owned. During 2011 Accell had been working on a hostile takeover of Derby and gradually built a substantial participation. In October 2011 Accell stopped the takeover attempt and sold wilt a multi-million profit the Derby shares to Pon Holdings. That took place in October 2011 at a price of € 28, – per share. The last five percent of the Derby shares were acquired for a price of € 31.56 per share.
Derby Cycle, the largest bicycle manufacturer in Germany, went public in February 2011. The issue price on the Frankfurt Stock Exchange was € 12.50. At the time of the IPO, the value of Derby Cycle amounted € 98.6 million. Ultimately, Pon Holdings paid more than double that value for the German bicycle manufacturer.