HELSINKI (BRAIN) — Amer Sports, the owner of Mavic, Enve and other brands, has told its shareholders that Anta Sports Products has made a bid to buy Amer.
According to Amer, Anta is working with a Hong Kong-based private equity firm to acquire all the shares of Amer for cash. According to Amer, shareholders would be entitled to receive 40 euros ($46.51) per share for all of their shares in Amer Sports.
Anta is a major Chinese athletic shoe supplier and the official shoe of the Chinese team at the Rio Olympic Games. The company operates 600 Fila retail stores in China and 7,000 Anta retail stores globally and is said to be exploring an entry into the European market.
According to Amer the bid would be subject to a number of conditions, including 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.
"At this time, Amer Sports is not engaged in any negotiations with the consortium and has made no decisions in respect of the indication of interest," Amer said.
Last week Amer's CEO said the company was exploring selling Mavic and Enve, which have been underperforming the rest of Amer's brands, which include Salomon, Arc'teryx, Peak Performance, Atomic, Suunto, Louisville Slugger, Wilson and Precor. Amer expects 2018 annual sales of more than $2 billion. Its market value is about $3.9 billion.
