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Anta takes a run at Amer
Posted on Tuesday, 11 September 2018 10:22
Amer Sport has confirmed the receipt of an all-cash, non-binding preliminary indication of interest from a FountainVest Partners-based consortium after an earlier Bloomberg report pushed up shares in the Finnish sporting equipment manufacturer. Shares in the EUR 3.36 billion market capitalised-branded clothing and footwear company had jumped 11.8 per cent this morning before trading was halted on the news Anta Sports had held discussions with banks to acquire its European competitor. The offer by the Chinese rival and the Asian private equity firm FountainVest Partners would be subject to number of conditions, including due diligence, board approval, availability of financing from identified sources and a recommendation. Amer, which is valued at EUR 4.66 billion by the EUR 40.00 per share proposal, stated it “is not engaged in any negotiations with the consortium and has made no decisions in respect of the indication of interest”. Earlier this year, Anta brand president James Zheng told Bloomberg in an interview that the company was looking to expand overseas through the purchase of a well-established global label. In the interim report 2018, China’s largest athletic apparel producer repeated the sentiments, saying it “continues to seek business opportunities such as acquisition of and cooperation with international sportswear brands so as to increase the returns on shareholders’ equity”. Anta acquired FILA’s business in China, Hong Kong and Macao in 2009 and has since been actively expanding across these areas and Singapore. The addition of Kingkow last year is expected to reinforce a presence in kidswear but should also boost a multi-brand strategy in this same market. On the other hand, Amer said at the beginning at the month it is conducting a review of its Mavic cycling brand to focus on more profitable, faster-growing businesses. It added: “Over time, the company also plans to assess strategic options for its Fitness and Sports Instruments businesses, including standalone opportunities, as they grow toward their target scale.” © Zephus Ltd