The KKR-led consortium set to acquire Accell Group will move forward with its offer despite not meeting the 80% acceptance threshold.
The Accell Group has announced that 77.8% of shares are now tendered or committed, as in addition to the 73.53% of the shares tendered or committed on 3rd June 2022, 4.26% additional shares have been irrevocably committed under the offer.
The Accell Group said it and the consortium, led by global investment firm KKR, have agreed to waive the offer condition that the 80% acceptance threshold is met.
The consortium has declared the offer for Accell Group unconditional, and continues to seek to obtain 100% of the shares. The settlement of the offer will take place on 16th June, at which date the offer price of €58 will be paid to the shareholders that have tendered.
The remaining shares can be tendered at the offer price of €58 during the post acceptance period, which commenced on Friday 10th June and will end on Thursday 23rd June.
A statement read: “The Offeror is fully confident that it will obtain in aggregate 80% or more of the Shares after settlement of the Shares tendered during the Post Acceptance Period. Against this background, the Offeror has, in close coordination with the Accell Group Boards and after having obtained prior written approval from the Accell Group Boards, decided to waive the Offer Condition as set out in Section 4.7.1. (Acceptance Level) of the Offer Memorandum.”
Now that the offer has been declared unconditional, the offer price has become the best and final price payable under the offer, said the Accell Group.
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Accell Group and the consortium agreed on a recommended all-cash offer of €58 per share for all shares in Accell Group back in January this year, representing a total consideration of approximately €1.56 billion.
Accell Group makes bicycles, bicycle parts and accessories, with brands in its portfolio including Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. XLC is its brand for bicycle parts and accessories.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions.