Exploratory discussions between Accell and Pon have ground to a halt, according to a statement issued by Accell Group yesterday.
It said that Pon’s increased non-binding offer, up by €1 from €32 to €33 per share, failed to win both the confidence of Accell Group to continue discussions and the support of its shareholders.
Hielke Sybesma, 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.”