Accell Group, with more than 95 percent of shares tendered for a proposed buyout by U.S. financial investor KKR (Kohlberg Kravis Roberts) and Teslin, intends to delist its shares on the Euronext Amsterdam on Aug. 22 and simultaneously convert into a private company with limited liability. KKR/Teslin first revealed its €58.00-a-share cash offer for Accell in late January, representing total consideration of approximately €1.56 billion.
The company, whose bike brands include Ghost, Haibike, Babboe, Batavus, Lapierre and Winora, has postponed publication of its first-half results, originally scheduled for July 22. If the delisting of Accell shares goes according to plan, those results will not be released. But KKR/Teslin will proceed with statutory buyout proceedings to obtain the remaining Accell shares, an estimated 5 percent.
