Anta Sports 360 billion acquisition of Archaeopteryx parent company
- newfoot0601
- Dec 19, 2018
- 2 min read
ANTA Sports, together with a consortium of other investors including Tencent, announced that it will issue a tender offer to Finnish Sporting Goods Group and Archaeopteryx parent company Amer Sports for 4.6 billion euros (about 36 billion yuan). Currently, Amer Sports' board of directors has decided to unanimously recommend shareholders to accept the tender offer.
According to public information, Amer Sports has a number of internationally renowned top sports brands, such as Canadian luxury outdoor equipment brand Arc'teryx (Arc's Ancestral Bird), French mountain outdoor off-road brand Salomon (Salmon), American tennis equipment brand Wilson (Wilson) ), Austrian ski brand Atomic Skis, Austrian ski equipment brand Atomic, Finnish sports watches and other outdoor equipment brands Suunto and American treadmill brand Precor and other well-known brands.
The tender offer document will be announced on or before December 20. The offer period for the tender offer is expected to begin around December 20 and last for about ten weeks. Mascot Bidco Oy reserves the right to extend the offer period from time to time, subject to the terms and conditions of the tender offer, which is expected to be Dacoz completed by the second quarter of 2019 at the latest.
The price quoted by Anta is 40 euros per share, and the premium rate is 43%, which is considered by the foreign media to be very generous. Finnish local reports believe that Amer's stock value is 30 euros per share, so it is undoubtedly a high premium acquisition. There are currently no other competitors to compete.
According to past data, Amy Fen Sports has high debt in recent years and has certain debt risks. The industry has roughly estimated that the company currently has a net debt of about 1 billion euros. After the overall accounting, the investment cost of Anta and other investment consortiums in the future will be about 5.6 billion euros. This transaction, which is about RMB 43.8 billion, is the biggest and most attractive in the field of shoes and clothing in the end of 2018. Eyeball integration.
In this transaction, in addition to the introduction of Tencent, the founder of Lululemon, Chip Wilson, etc., Anta also carried out large-scale leveraged financing. As we all know, the role of leverage has a double-edged sword, which can both amplify the gain and amplify the loss. A failed merger is likely to cross a company. Such an example is also not seen in the international mature M&A market. And Anta has been focusing on the domestic third- and fourth-line markets, lacking operational experience and capabilities for high-end brands and outdoor sports industry. Therefore, the merger is not optimistic about the business and brand level.
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