Accell Group, the Dutch company that owns several bicycle and fitness brands, said that it had made a book profit of €17 million with the sale of its 22 percent stake in Derby Cycle to Pon Holdings, at a price of €28 per share. Accell bought 5.7 percent of the German bicycle company's shares in April and then enlarged its stake in August, prompting accusations by Derby that Accell was plotting a hostile takeover. However, Pon Holdings announced last month that it wanted to issue a bid for Derby, at an intended price of €28 per share, which was welcomed by Derby's management. Earlier this year Pon Holdings, a huge Dutch car importer, acquired Gazelle, the leading bicycle brand in the Netherlands.

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