Pon’s intended acquisition of bike manufacturer Accell is no longer an option, because Accell, which owns brands like Batavus and Sparta, says the tabled bid does not suffice at all.
Continue independently
“After a careful evaluation of the proposal’s main characteristics, the Board of Commissioners and the Board of Directors have come to the joint conclusion that Pon Holdings’ proposal does not sufficiently reflect Accell Group’s future value creation and the expected synergies”, Accell’s caretaker CEO Hielke Sybesma said.
Sybesma added the shareholders did not back the proposal in such a way that he could proceed with the acquisition deal. The shareholders feel that an independent course of action will generate more than Pon’s offer and that is why Accell currently chooses to go on independently. It now remains to be seen whether Pon Holdings will table a higher bid.
If both parties do manage to come to an understanding, Pon would become the global market leader with 2.3 million bikes per year. The majority of Pon’s turnover currently comes from its car import business.
