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Pon Again Knocking on Accell’s Door; Aims at Acquiring 20 Percent Shareholding


ALMERE, The Netherlands – After making an all-out effort to take-over all Accell Group’s shares in April 2017 which in the end failed; Pon is again knocking on Accell’s doors. Today, the holding company of various (automotive) import companies as well as Pon. Bike Group announces that it intends to acquire a 20 percent shareholding in Accell Group. For that Pon announces that it offers 19 euro per Accell share.

Pon Again Knocking on Accell’s Door; Aims at Acquiring 20 Percent Shareholding
Raleigh bikes made at Accell Hunland. Pon Holdings aims at becoming long-term shareholder in Accell Group. – Photo Bike Europe

The offer by Pon comes at troubled times for Accell. One of the company’s biggest shareholder complained about the huge drop in share value since Pon Holdings offered to buy all Accell shares for € 32.72 in April 2017. In the 19 months since, Accell’s share value dropped to some 15 euro. Accell’s biggest shareholder claimed that the Pon offer was not judged correctly by the company’s Supervisory Board and for that its Chairman had to resign. This was followed-up by accusations that Accell Group has issued several 2017 financial reports and that the holding company of numerous bike making and bike trading companies had changed its financial agreements with banks without informing shareholders. With all that Accell’s share value dropped below 15 euro last week.

Accell Group accepts the invite of Pon Holdings

Aim is to obtain significant part of Accell

This morning’s announcement by Pon Holdings has pushed Accell share value to close to the 19 euro bid made by Pon. With this bid the holding company of automotive importers as well as Pon.Bike Group, which consist of Gazelle, Derby Cycle, Cervelo, Santa Cruz and BBB Cycling, Pon is to obtain a significant part of Accell for a much lower price than for what it aimed in April 2017.

Already 5 percent shareholding

Currently Pon Holdings already owns some 5 percent of all Accell shares. A today by Pon published press release states “Just prior to this announcement, Pon Holdings has reached an agreement with Boron Investments to acquire its shares in Accell Group. Following the settlement of this transaction, Pon Holdings holds 1,345,000 ordinary shares in the capital of Accell Group, representing approximately 5.1% of all issued ordinary shares in the capital of Accell Group as at 12 November 2018.”

Long-term shareholder

Furthermore, the press release states “Pon Holdings has decided to pursue a partial tender offer given Accell Group’s fundamental different situation compared to last year, when Pon Holdings made a non-binding conditional proposal to Accell Group to make an offer for the company, subject to amongst others due diligence. With the Intended Partial Tender Offer Pon Holdings’ aim now is to acquire an important minority stake in Accell Group. Pon Holdings aims and expects to develop, as a long-term shareholder, constructive relationships with Accell Group’s management, supervisory board and shareholders. Pon Holdings has invited the management board and supervisory board of Accell Group to meet, and to further clarify the Intended Partial Tender Offer.”

Accell reaction

In a reaction on the Pon Holding announcement Accell Group says today that it has taken notice of the press release of Pon Holdings in which the company announces its intended partial offer for ordinary shares of Accell Group. Furthermore it says “The Management Board of Accell Group accepts the invite of Pon Holdings to receive an explanation of the intended partial offer. The Management Board and Supervisory Board will come up with a reaction in due time.”

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