Pon Wins Battle for Derby Cycle; Accell Group Sells its Shares
Accell Group has retired from the battle for Derby Cycle; Germany’s biggest in (e)-bikes. Today the Dutch holding announced that it has sold its 22% shareholding in Derby Cycle AG.
HEERENVEEN, the Netherlands – Accell Group has retired from the battle for Derby Cycle; Germany’s biggest in (e)-bikes. Today the Dutch holding announced that it has sold its 22% shareholding in Derby Cycle AG.
Accell Group has sold its shares to Pon Holdings at a price of € 28 per share.
In a today issued press release Accell Group states that the sale of its 22% stake in Derby Cycle results in a book profit of € 17 million. On 21 September 2011, Pon Holdings announced its intention to make a public offer for all outstanding shares of Derby Cycle. The agreed price of € 28 per share for Accell Group’s stake in Derby Cycle equals the price of the intended public offer.
On the reasons for the sale of its Derby Cycle shares Accell Group CEO René Takens was quoted in a newspaper report with: “Derby Cycle was an interesting option. However, a competing offer would burden the balance sheet of Accell Group too much. We continue to look for other interesting partners.”
With the take-over of the 22% shares of Accell Gazelle owner Pon Holdings currently owns over 37% of all Derby Cycle shares. On September 30 Derby Cycle informed its investors through a website announcement that the Pon Holdings stake in Derby Cycle had increased to 15.00%.
With Derby Cycle and the last August acquired Gazelle, Pon Holdings owns two bike makers that combined produce 900,000 to 1 million bikes annually. Both are also big in e-bikes. This year’s combined sale of electric bikes is estimated at close to 100,000 units.