A consortium led by buyout firm KKR has offered to buy Accell Group unconditionally. The offer values the parent of Sparta, Batavus and Raleigh at €1.56 billion ($1.66 bn).
The company announced on June 3 that 73.53 percent of its shares had been tendered, or committed, to accept a buyout at €58 ($61.02) per share. Since then, another 4.26 percent of the shares have been committed, bringing it to 77.8 percent.
After receiving 77.8 percent of shares, the consortium said it would waive the condition of needing to reach an 80 percent threshold of shares tendered to its €58 per share offer for the deal to go through.
On June 16, the consortium will buy the committed shares at 58 euros per share. In a “Post Acceptance Period” from June 10 to June 23, the company will offer to buy any remaining shares at the same price, which it said would be the “best and final price payable under the offer.”
Other Accell cycling brands include Haibike, Winora, Ghost, Koga, Lapierre, Babboe, and Carqon. XLC is its brand for bicycle parts and accessories.
