HomeNewsTradeKKR and Accell Waive Condition for Acquisition to Proceed

KKR and Accell Waive Condition for Acquisition to Proceed

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New York, US

A KKR-led consortium bid to purchase one of the world’s biggest bike manufacturers, Accell Group, moved another step forward this month, with both parties agreeing to waive a previous condition for the sale to proceed.

The consortium and Accell Group had initially set a condition that at least 80% of Accell shares had to be tendered or committed, in line with the buyer’s offered price per share, before a deadline of 3rd June this year.

The acceptance level fell short of the threshold, at 73.53% by 3rd June, and had only risen marginally, to 77.8% by an extended deadline on 9th June.

However, a joint statement by Accell and KKR, a global investment firm, announced the purchase offer was now unconditional and consortium would move forward with its intensions to obtain 100% of Accell’s shares.

A settlement of the offer took place on 16th June, when the consortium’s offer price of €58 (A$87.61) was paid to the shareholders that tendered.

Remaining shares could still be tender at the offered price by yesterday (23rd June).

Accell Group employs approximately 3,100 people in15 countries. Its bicycle brands include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon, along with the company’s XLC brand for bicycle parts and accessories.

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