Accell Group, the maker of Dutch bicycle brands Sparta and Batavus, has ended talks with Pon Holdings regarding a takeover bid from the Dutch transportation conglomerate as the offer was not high enough, it said on Tuesday.
Accell Group said it was ending the discussions after it decided an improved offer of 33 euros per share (excluding the dividend of 0.72 euro for 2016) did not "sufficiently reflect the future value creation of Accell Group and the expected synergies."
The company added that the bid did not have sufficient shareholder support.
Accell Group announced Pon's initial bid of 32.72 euros per share in cash, including the 2016 proposed dividend on April 11, sending its shares up almost 20 percent.
A successful merger would have created one of the world's largest makers of bikes and electric bikes and brought more than a dozen brands together.
(This story has been refiled to fix extraneous and missing words in lead, tense in fifth paragraph)
(Reporting by Alan Charlish, editing by Louise Heavens)