Pon Holdings makes Offer for Accell Group
The conditional offer would value Accell at €845 million and create the world largest bicycle manufacturer with sales of about €1,750 million ($1,852.8 mm), exceeding the revenue of Giant Bicycle last year of NT53.09 billion ($1,690.8 mm). The offer is for €32.72 per share, including the proposed 2016 dividend of €0.72. The offer represents a 43% premium to the weighted average share price of Accell and a premium to its all-time high of €26.54 per share. Pon said it had provided Accell with a detailed letter on the proposal and Accell responded that it was reviewing the offer with its ... Log in to view full article.