Amtel-Vredestein Receives “Binding Offer” for Vredestein Banden
A buyer for Vredestein Banden has been found. In a written statement released on April 1, holding company Amtel-Vredestein N.V. says it has received a “binding offer from an industry player” for the purchase of the total share capital of Vredestein Banden BV. According to company CEO Rob Oudshoorn, the agreement is “very binding”, and it is “highly unlikely” that an acquisition of Vredestein shares would fail.
The CEO, when speaking with Tyres & Accessories, added that the purchaser’s identity would be made public in the coming weeks. In the text of the April 1 statement, parent company Amtel-Vredestein NV also discusses its suspension of payments with the Dutch courts, an action in line with insolvency law in the Netherlands. It emphasises that Amtel-Vredestein exists as a financial holding concern that does not carry out operational activities – all its activities are undertaken by daughter companies Amtel (Russia) and Vredestein Banden BV (Europe). Vredestein Banden B.V. and its subsidiaries, it notes, have a separate (ring fenced) finance arrangement, and thus the parent company’s financial situation does not affect Vredestein Banden in a financial sense.
The statement adds that Vredestein Banden B.V. believes that “considerable synergies can be won in cooperation with this party” and a possible purchase will not affect employment at the company. Vredestein Banden also expects that such an acquisition will contribute to a more stable commercial and financial situation for the company. Furthermore, as Vredestein Banden BV is focused on the replacement market and its products are not supplied to car brands as original equipment, the company says it is more than capable of continuing its positive development. With this strategy in mind, Vredestein states it is confident about the future.