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Shares in Accell, Europe’s largest bicycle company, rose 20 per cent on Tuesday after it said it had received a €846m non-binding takeover offer from Pon Holdings, a fellow Dutch company involved in the transportation sector.

In a statement on Tuesday Accell said the non-binding and conditional proposal envisages Pon, a private company, buying all the shares of Accell at an offer price of €32.72 a share, or a 23 per cent premium to Monday’s closing price of €26.54.

The offer values Accell at €845.9m.

The shares, which are listed on Euronext Amsterdam market, were up 5 per cent at €31.80 in early trading on Tuesday

Accell said it had issued the statement “in anticipation of market rumours”. It said it was in “exploratory discussions” with Pon, but added “there can be no assurance any transaction will result”.

Accell employs around 3,000 people in 18 countries. It is Europe’s largest bike seller by turnover, selling around 1.5m bicycles with turnover of around €1bn.

Pon Holdings, a diversified industrial group involved in car importing and industrial transportation equipment, also has interests in bicycles, owning the Gazelle, Derby and Cervelo brands.

The two companies have vied with each other for control of both the Dutch market, the largest bike market in Europe, and the wider continental market. When Pon took a majority stake in Derby, the largest German bike manufacturer, in 2011, Accell held a 20 per cent interest but decided not to compete.

Copyright The Financial Times Limited 2017. All rights reserved.
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