HONG KONG: Hot on the heels of confirming it is considering the sale of its Mavic and ENVE cycling operation, Finland’s Amer Sports, makers of Wilson tennis rackets and branded outdoor gear, has received a $5.3 billion takeover approach from China’s Anta Sports and private equity firm FountainVest.
The Chinese consortium aims to submit an offer to Amer in the coming weeks and finalise the buyout deal by the end of the year, a source familiar with the matter told Reuters.
A statement released by the company reads:
“Amer Sports Corporation notes recent media speculation and confirms that it has received a non-binding preliminary indication of interest. The consortium, which comprises Anta Sports Products and the Asian private equity firm FountainVest Partners, seeks to acquire the entire share capital of Amer Sports for a cash consideration.
“Amer Sports confirmed that as part of the non-binding indication of interest from the consortium, shareholders would be entitled to receive a cash consideration of €40.00 per share for all of their shares in Amer Sports. This represents a notable premium on the €28.79 closing share price on Monday 10th September. The €40 per share price would value Amer Sports in the region of €4.7 billion.
“At the end of June 2018, the company’s share capital totalled €292,182,204 and the number of shares was 116,517,285 (December 31, 2017: 118,517,285).
“The consortium has stated that making a cash tender offer on the basis of the indication of interest is subject to a number of conditions. These include conducting a due diligence investigation, approval of the Board of Directors of ANTA and the Investment Committee of FountainVest, availability of financing from identified financing sources and receipt of a recommendation from the Board of Directors of Amer Sports.
“Completion of any such cash tender offer would in turn be subject to further conditions, including approval by shareholders holding at least 90% of the shares of Amer Sports and receipt of all necessary regulatory approvals.
“At this time, Amer Sports adds that it is not engaged in any negotiations with the consortium and has made no decisions in respect of the indication of interest.
“Amer Sports will release further information at an appropriate time if an agreement is reached with the consortium in respect of a transaction or any discussions are terminated or abandoned.’
“Amer Sports’ portfolio of brands includes Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, ENVE, Suunto, Wilson and Precor.”
