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Accell Group rejects higher bid by Pon Holdings

This is a public announcement in accordance with Section 4 paragraph 3 of the Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, the United States, Canada or Japan or in any other jurisdiction in which such release, publication or distribution would be unlawful.


Almere, 2 May 2017 - Pon Holdings today announces that, despite an increase of the indicative bid price of Pon Holdings on all outstanding shares of Accell Group (“Accell”) to EUR 33,72 per share (an improvement of EUR 1,00 per share), Accell has decided to reject this new proposal and to suddenly break off the discussions. Pon Holdings confirms the withdrawal of Accell’s proposition and the intention to issue a public offer for Accell’s ordinary shares.

This announcement by Accell has surprised Pon Holdings, especially given the fact that for more than a month and a half intensive talks with Accell have taken place, which included the start of the due diligence.

Pon Holdings has conducted extensive and constructive discussions with Accell on the basis of the first offer of March 17th. During these deliberations, Pon Holdings has recently increased its indicative bid price to EUR 33,72 (including the 2016 dividend). This improved bid represents a premium of 55% on the basis of the three- and six months average compared to the closing share price of Accell on March 16th. Accell has informed Pon Holdings of their decision on Monday May 1st at close of business and has subsequently shut down the discussions.

Pon also refers to its earlier press release of 11 April 2017.


Pon Holdings – one of the Netherlands’ biggest family businesses – is a leading global company with nearly 13,000 employees operating in 32 countries. It supplies high-end products and solutions, develops and manufactures bicycles, and offers engineering solutions in several market segments. Pon operates in a large number of markets, from private and commercial vehicles and bicycles, to forklift trucks, tires, road and earthmoving machinery, generators, and total solutions for the shipping industry.

The bicycle division within the Pon group consists of premium brand portfolio of more than 10 bicycle brands. The group has locations in the Netherlands, Germany, the United States, Canada, China, Taiwan, and Australia. In 2017 some 800,000 Pon bikes will make their way to customers around the world, with expected total revenue of about € 700 million.