Stock Groups

KKR consortium makes offer for bike maker Accell unconditional -Breaking


© Reuters. FILEPHOTO: This is a cyclist checking in his bicycle in Utrecht’s biggest bike storage garage, Utrecht (Netherlands), August 21, 2017. REUTERS/Michael Kooren/File Photo

AMSTERDAM (Reuters – A consortium of buyout firms KKR and Accell Group made their unconditional offer on Friday to acquire the group. It said that it valued Raleigh’s maker, Sparta, Batavus & Raleigh at 1.56billion euros ($1.66billion).

The consortium accepted 77.8% share and stated that they would not require that the shares reach a threshold of 80% to allow the offer to proceed.

After Dutch bike company Van Moof had raised $128m from Hillhouse Capital in 2013 to help fund expansions across the U.S. and Cerberus Capital Management unsuccessfully bid for Canada’s Dorel Industries, this deal shows that there is increasing investor interest.

The consortium stated that shareholders who are not holding shares can still tender them at the offered price during a period after the auction, which runs until June 23.

Accell shares ended Thursday at 57.50 Euros per share

($1 = 0.9402 euros)