Accell Group N.V. said it does not intend to launch a competing offer for Derby Cycle A.G. following rival Pon Holdings B.V.'s €28 per share offer for all outstanding shares of the German bicycle maker.
“A competing offer would create too little value and would burden the balance sheet of Accell Group too much,” Accell Group said in a brief statement issued Thursday. “The intended offer of Pon Holdings for Derby Cycle means a strong increase in value of Accell Group’s 22% stake in Derby.”
