(Yicai Global) Sept. 13 -- China's sportswear company Anta Sports Products plans to acquire Finland's sports goods firm Amer Sports, which owns brands such as Peak Performance, Salomon and Suunto, to expand its overseas assets.
Anta's board of directors affirmed that the company has agreed with private equity fund FountainVest to jointly deliver an unbinding letter of preliminary intent to Amer, offering to pay EUR40 (USD46.39) per each share in cash, the Fujian province-based retailer said in a statement published via Hong Kong Exchanges and Clearing yesterday. The offer for all the 117 million outstanding shares amounted to EUR4.7 billion (USD5.5 billion), which is 18 percent more than the firm's current share price of EUR34 suggests.
Nasdaq-listed Amer's [CPH: AMEAS] stock price started rising sharply on Sept. 10, reaching a peak of EUR36.5 on Sept. 11 at 1 p.m Helsinki time. The share price has fallen to EUR34 as of at 11.34 a.m. Beijing time today.
Anta's [HKG: 2020] stock price has declined 9 percent from its zenith of HKD37.7 on Sept. 12 to HKD34.35 today at 11.44 a.m.
Founded in 1950, Amer is the owner of popular brands such as Salomon for hiking shoes, Suunto for sports watches, Wilson for tennis rackets and Arc'teryx for outdoor sportswear. Headquartered in Helsinki, the firm logged net sales of EUR2.7 billion (USD3.1 billion) last year, with earnings before interest and taxes standing at EUR215 million (USD250.2 million).
Editor: Emmi Laine