Finland's Amer Sports leaps on $5.3 bln approach by China's Anta
* Amer Sports confirms interest from Anta, FountainVest
* Amer says shareholders would get 40 euros/share
* Shares rise by more than 25 percent on bid interest
(Updates with comment from second-largest owner and portfolio
By Anne Kauranen and Julie Zhu
HELSINKI/HONG KONG, Sept 11 (Reuters) - Finnish sports
equipment maker Amer Sports has had a 4.6 billion
euros ($5.3 billion) takeover approach from China's Anta Sports
and private equity firm FountainVest.
Amer shareholders would get 40 euros per share in cash if
the deal went ahead, the Helsinki-based maker of Salomon hiking
boots, Wilson tennis rackets and Arc'teryx outdoor clothing said
on Tuesday, lifting its shares more than 25 percent.
Amer's second-largest shareholder, a Finnish association
with a 4.29 percent stake, said it was open to the proposition
but needed more time to evaluate it properly.
"Of course, if the price is right, everything is for sale,"
the association's head Timo Maasilta told Reuters.
Meanwhile, Amer's largest shareholder, Finnish pension fund
KEVA, declined to comment on the approach by Anta, which sells
the Fila and Descente brands as well as its own home-grown Anta
label in China and has long targeted Amer as it seeks to expand
overseas by acquiring other well-established global brands.
Danske Bank portfolio manager Juha Varis said the offer, if
confirmed by Anta, was "by no means underpriced".
"The Chinese partner (Anta) is clearly more profitable and
has grown faster than Amer. So it makes sense, at least on
paper," Varis told Reuters.
The Finnish firm said the Anta-FountainVest consortium had
indicated it would acquire Amer's entire share capital for cash,
adding that a deal was subject to conditions including the
approval of investors holding at least 90 percent of its shares.
"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," it said in a statement.
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.
($1 = 0.8634 euros)
(Editing by Jason Neely/Georgina Prodhan/Alexander Smith)
First Published: 2018-09-11 10:46:01
Updated 2018-09-11 16:37:26
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.