Anta’s negotiations regarding with Amer Sports about a possible takeover are advancing, according to a report from Bloomberg. Sources indicated that Anta has talked to banks about financing for the transaction and is progressing with due diligence on Amer.
As reported, the Chinese sports powerhouse on September 12 had made an all-cash offer to acquire Amer Sports, the owner of Salomon, Arc’teryx, Suunto, Wilson, Louisville Slugger, Precor and a few other niche sports brands.
Anta partnered with FountainVest Partners, a Hong Kong private equity group, to offer €40 per share for Amer, representing a nearly 40 percent premium to the prior trading day’s closing price before the approach was made public. The offer values Amer at more than €4.6 billion ($5.3 bn).
Bloomberg’s report came out Anta issued a statement Thursday that confirmed that it has held discussions with Amer Sports regarding a possible acquisition for the first time. News of Anta’s takeover interest initially came out of an Amer Sports’ statement.
In the statement, Anta Sports Products Limited Chairman Ding Shizhong said, “The Board confirms that there have been certain discussions with Amer Sports, FountainVest and their respective advisors intended to ascertain whether there is a basis to commence a more formal process to facilitate the Possible Acquisition.”
He added, “An agreement depends on certain conditions being met, including a deal being structured as a cash tender offer and investors representing at least 90 percent of the company’s shares accepting it on a conditional basis, Anta said. No definitive agreement has been reached.”
In its statement on September 12, Amer said the non-binding and preliminary offer was dependent on a numerous conditions including financing and board approval as well as approval from at least 90 percent of shareholders.
Photo courtesy Anta