As we recently reported here, Dutch based multinational Pon Holdings recently made a record breaking takeover offer of almost $1.2 billion for the Accell Group.
Now, despite a subsequent increase in the size of Pon’s offer, the Accell Group has rejected the offer.
In a statement Hielke Sybesma, Accell Group’s interim-Chairman of the Executive Board said “Having studied every important aspect of the offer, the Supervisory Board and the Executive Board have come to the joint conclusion that Pon Holding’s offer does not sufficiently reflect the future value creation of Accell Group and the expected synergies. It has also become clear that the offer lacks sufficient support from shareholders. The reference we used for our assessment of the proposal was the roll-out of our refined strategy and the value this will enable us to create, as well as the interests of all stakeholders. Based on this we will currently discontinue the talks with Pon Holdings.”
