KKR-led consortium agrees to Accell takeover bid

Buyout firm KKR and a consortium of others agreed to a takeover bid for bicycle maker Accell Group on Monday that valued the firm at €1.56bn.

The cash offer of €0.58 per share represented a premium of 26% over Accell's closing price on 21 January and 42% over its three-month volume-weighted average price.

KKR partner Daan Knottenbelt said: "The consortium is committed to further developing the Netherlands as the global capital of cycling by building on the company's leading position in the European e-bike market and continuing to grow its strong heritage brands.

Accell chairman Rob ter Haar added that its board unanimously supported the deal, noting that it offered "compelling and immediate value for shareholders" and that it would also assist the firm from a strategic standpoint.

The Dutch company's current executive team will remain in place.