历史性一刻！安踏46亿欧收购亚玛芬体育


 文 / 马莲红

 3月12日，由安踏体育、方源资本、 Anamered Investments(露露柠檬创始人Chip Wilson持有的投资公司)及腾讯组成的投资者财团宣布，成功完成自愿性建议现金收购亚玛芬体育公司(“亚玛芬体育”)所有已发行及发行在外的股份的公开要约。

 根据最终收购要约结果，接受要约收购的股份约占亚玛芬体育所有股份及投票权的94.98%(不包括亚玛芬体育或其他子公司持有的股份)，接下来收购将进入款项的兑付阶段。至此，这桩“中国体育用品史上最大的跨国收购案”终于尘埃落定(往期相关报道：241亿营收与350亿收购，安踏启动全球化新征程)。

 据此前报道，此次财团收购亚玛芬总价约为46亿欧元。交易完成之后，安踏集团将持有Amer Sports 57.85%的股权，方源资本将获得 21.4%的股权，Chip Wilson 将通过 Anamered Investments获得20.65%的股权，腾讯将通过对方源资本的投资获得 Amer Sports 5.63%的股权。

 在安踏集团公告中，安踏董事局主席兼首席执行官丁世忠先生表示：“今天对于每一位投资者财团成员及亚玛芬体育，均是一个重大的日子。收购要约的成功让我们能携手改变全球体育用品行业的未来 —— 一个为全球各地消费者、体育爱好者和专业人士提供更佳表现、经验、更高满足感及享受的未来。投资者财团集结深谙中国市场、新零售和高端运动服饰的顶尖专家，作为其中一员我们深感兴奋。在未来几个月，我们将与亚玛芬体育的精锐团队紧密合作以完成私有化进程，并策划出能充分发挥其未来潜力的增长计划。我谨代表安踏集团及投资者财团，欢迎亚玛芬体育全体成员加入我们组成一个新的大家庭！”

 为使其余股东的股份可以接受收购，投资者财团决定根据收购要约的条款及条件开展一个后续要约期。后续要约期将于芬兰时间2019年3月13日上午9:30开始，并于芬兰时间2019年3月27日下午4:00结束。在后续要约期期内，要约收购可根据要约收购的条款及条件所载的接纳程序予以接纳。接纳具有约束力，且不得撤回。

 投资者财团将于2019年3月28日前后公布后续要约期期内有效收购股份之初步百分比，并于2019年4月1日前后公布最终百分比。后续要约期期内有效收购股份之要约代价将于二零一九年四月二日前后予以支付予股东。接受收购的股东收取款项的实际时间将取决于金融机构进行付款程序所需的时间。

 在完成收购后，亚玛芬体育仍将保持独立运营并会另设董事会。亚玛芬体育现任总裁兼首席执行官Heikki Takala及其主要管理团队继续领导公司的业务运营，亚玛芬体育公司在赫尔辛基的总部仍将保留。在新的所有权下，亚玛芬体育的管理层团队将在董事会的战略指导下自主执行其商业计划。亚玛芬体育不再作为上市公司之后，能够更加专注于增长战略的执行，关注更为长远的发展而从中获益。亚玛芬体育还将借助安踏在中国广泛的分销网络、研发资源及制造和采购能力，从而加速其在中国市场的发展。

 此前，丁世忠曾表示：“我们期待着将亚玛芬体育旗下卓越的国际品牌及产品带给中国消费者，他们对专业体育领域的高端产品需求越来越迫切。我们将与其他投资者财团的成员紧密合作，全力支持亚玛芬体育优秀的管理层及团队保持其卓越的品牌价值，并在投资财团的支持下加速其迈入全新的增长阶段。”

 对于此次并购案，腾讯总裁兼执行董事刘炽平也曾表示，"亚玛芬体育和安踏体育都是体育用品行业中的佼佼者，拥有出色的产品、知名的品牌以及强劲的零售渠道和运营能力。在腾讯先进技术和庞大社交用户群的有力支撑下，我们期待我们的智慧零售计划能够助力亚玛芬体育和安踏体育提高运营效率，捕捉未来的增长机遇。"

 安踏近年来一直在磨练多品牌运营能力，并向“单聚焦、多品牌、全渠道”转变。目前旗下除了FILA外，还有日本户外运动品牌 Descente、韩国户外品牌 Kolon Sport、英国户外品牌Sprandi等。不仅如此，安踏握有众多体育营销资源，除了汤普森，隆多，海沃德等NBA球星，更是中国奥委会连续四个奥运周期的合作伙伴。2018年，安踏公司收入241.0亿元人民币，较2017年上升44.4%。毛利首次过百亿，达到126.9亿元。

 从某种意义上，以安踏为主体的中国财团收购亚玛芬，堪称中国运动品牌在国际层面全面崛起的里程碑事件，安踏从此要成为真正的世界级公司，对于安踏这家创立于1991年的中国运动品牌而言，这也是其真正意义上第一次全球化收购。

 亚玛芬旗下拥有很多个细分运动行业的翘楚品牌，这些产品多定位专业运动人群和国际竞技比赛，强调顶级、严谨、科技。其中包括广为人知的加拿大奢侈级户外装备品牌Arc'teryx(始祖鸟)、法国山地户外越野品牌Salomon(萨洛蒙)、美国网球装备品牌Wilson(威尔逊)、奥地利滑雪板品牌Atomic Skis、奥地利滑雪装备品牌Atomic、芬兰运动腕表等户外装备品牌Suunto和美国跑步机品牌Precor等品牌。

 2017年底，亚玛芬全球品牌零售店数量达到288个，线上店铺86个，覆盖34个国家。其中80%是全价店，20%是奥特莱斯；该公司半数的品牌店由当地的独立合作伙伴经营。到2017年底，亚玛芬(69)。 此外，在欧洲，中东和非洲也有自己的市场渠道。

 相比之下，亚玛芬在中国市场上还有很大发展空间。事实上，从亚玛芬2010年进入中国市场至今8年时间中国市场销售额在集团销售总额的占比依旧相对较小，只从1%增长至6%，2018年亚玛芬全年实现营收已达26.78亿欧元(约合人民币200亿元)，净利润1.41亿欧元(约合人民币10亿元)，主要营收贡献来自于欧美地区，亚太地区营收占比仅为14.6%。但过去五年中国市场年增长率非常强劲，达到29%。

 安踏需要全球化发展，亚玛芬需要抓住中国市场，双方此次“联姻” 成功则可谓是天作之合。而安踏也借此机会向“2025年千亿流水”的目标迈进了一大步。



重大公告



2018-12-07



投资者财团宣布
自愿性建议公开现金要约
收购亚玛芬体育全部股份



◆ 每股要约价格为现金40.00欧元，较三个月不受干扰成交量加权平均交易价格溢价43%
◆ 亚玛芬体育董事会已决定一致建议股东接受要约收购
◆ 部分主要股东已不可撤销地承诺接受要约收购，总计约占亚玛芬体育已发行股份及投票权的7.91%
◆ 要约收购将为亚玛芬股东以及投资者财团带来双赢的局面：要约价格较亚玛芬体育的股价有大幅现金溢价，对亚玛芬体育的股东来说极具吸引力，而投资者财团有机会助力亚玛芬充分释放其长期增长潜力，尤其在快速增长的中国市场
◆ 亚玛芬体育的运营将会独立于安踏体育以及其他投资者财团成员，并会另行设立董事会。投资者财团已邀请Heikki Takala先生（亚玛芬体育现任总裁兼首席执行官）及其主要管理团队继续领导公司的业务运营
◆ 投资者财团预期，收购事项对亚玛芬体育的经营或资产、管理层或雇员的职位或业务地点不会立刻产生实质性的影响
ANNOUNCEMENT

2018-12-07

Investor Consortium announces voluntary recommended public cash tender offer for all shares in Amer Sports
 

This press release is intended to be reviewed in conjunction with the stock exchange announcements on the voluntary recommended public cash tender offer for all the shares in Amer Sports.

• Offer price at EUR 40.00 per share represents a premium  of 43% to the 3-month undisturbed volume-weighted average trading price
• Amer Sports’ board of directors has decided to unanimously recommend shareholders to accept the tender offer
• A number of major shareholders have already irrevocably undertaken to accept the tender offer, representing in aggregate around 7.91% of the issued shares and votes in Amer Sports
• The tender offer is mutually beneficial for both Amer Sports’ sharsholders and the Investor Consortium. It represents an attractive proposition for Amer Sports shareholders with a significant cash premium, while the Investor Consortium would have the opportunity to unleash the full long-term growth potential of Amer Sports, especially in the fast-growing Chinese market
• It is the Investor Consortium’s intention that Amer Sports would be operated independently from ANTA Sports. Amer Sports will have a separate board of directors and the Investor Consortium has invited Mr. Heikki Takala (current President and CEO of Amer Sports) and his key executives to continue leading the business
• The Investor Consortium does not expect the completion of the tender offer to have any immediate material effect on the operations, assets, the position of the management, employees or business locations

Hong Kong/Helsinki, 7 December, 2018 － The Investor Consortium consisting of ANTA Sports, FountainVest Partners, Anamered Investments and Tencent has announced a voluntary recommended public cash tender offer by the newly-incorporated Mascot Bidco Oy for all the issued and outstanding shares in Amer Sports Corporation (“Amer Sports”).

The price offered for each share will be EUR 40.00 in cash, representing a premium of 43% to the 3-month undisturbed volume-weighted average trading price[1]. The tender offer values Amer Sports’ entire issued and outstanding share capital at approximately EUR 4.6 billion. The offer price is determined with reference to Amer Sports’ market positioning, the historical business and financial performance of Amer Sports and the prospects of the business and its financial condition in the foreseeable future, as well as Amer Sports’ current and historical share prices.

The board of directors of Amer Sports has decided to unanimously recommend that the shareholders of Amer Sports accept the tender offer. The following major shareholders of Amer Sports have, subject to certain customary conditions, irrevocably undertaken to accept the tender offer: Kaleva Mutual Insurance Company, Ilmarinen Mutual Pension Insurance Company, Mandatum Life Insurance Company Limited and Varma Mutual Pension Insurance Company, representing in aggregate approximately 7.91% of the issued shares and votes in Amer Sports. In addition, Maa- ja vesitekniikan tuki r.y., who hold approximately 4.29% of the issued shares and votes in Amer Sports, have expressed that they view the tender offer positively.


Mr. Ding Shizhong, Chairman and CEO of ANTA Sports, commented: “We are delighted about the opportunity to invest in Amer Sports, a leading sporting goods company with a strong portfolio of internationally-recognized brands. Sports is a common language that connects people across the globe and transcends different cultures and backgrounds. We share the same passion as Amer Sports’ management in providing excellent products, services and experiences that inspire sports lovers’ achievements and enjoyment, as well as setting the standard for innovation. In particular, we are excited to bring these premium international brands and products to Chinese consumers, who increasingly seek high-end products with outstanding qualities and heritage in various niche and specialized sports segments. Working closely with other Investor Consortium members, we are fully committed to backing Amer Sports’ talented management and employee team to stay true to its premium brand value as it accelerates into the next stage of growth under the Investor Consortium’s ownership”.

ANTA Sports considers that Amer Sports operates a successful platform of internationally-recognized sportswear and equipment brands and demonstrates strengths in brand management, distribution channel diversification, research & development, product quality and financial performance. The diversified brand portfolio of Amer Sports also presents a good match to ANTA Sports' multi-branded strategy. The acquisition represents an attractive opportunity for ANTA Sports to further invest in premium international sportswear brands, certain of which ANTA Sports believes have great potential for development both on a global scale and in China.  With assistance from the other members of the Investor Consortium, ANTA Sports believes there is significant room for growth in value of Amer Sports through unlocking the full potential of its brands. [CW1]

Mr. Frank Tang, Chairman and CEO of FountainVest, commented: “We are excited about our partnership with ANTA Sports, Tencent and Anamered Investments on this landmark transaction. We deeply respect and value the successful heritage of Amer Sports’ global brands. We are honored to be working with Amer Sports’ management team and employees to chart it’s continued growth in this next phase of development. The Investor Consortium shares a common long-term vision to invest further resources to expand the presence of Amer Sports’ businesses and provide the highest quality products to consumers around the world.”

Mr. Chip Wilson, Chairman of Hold It All Inc. and owner of Anamered Investments, commented: “Amer Sports owns an attractive portfolio of brands that I have admired and used in my day to day life. I am excited to have this opportunity to help their brands to grow globally and to see Amer Sports lead the way in the evolution of the athletic apparel industry as a whole. Amer Sports’ brands have exceptional potential for growth in an environment that is increasingly valuing quality, technically oriented soft goods. I believe there to be great alignment between my own beliefs and those of Mr. Ding and the other members of the Investor Consortium with respect to the future direction of the global retail industry and the growth prospects for Amer Sports. The members of the Investor Consortium share a common philosophy and have backgrounds and capabilities that are highly complementary and these will be of considerable benefit to Amer Sports.”

Mr. Martin Lau, President and Executive Director of Tencent, commented, “We are pleased to be a member of the Investor Consortium and a strategic partner of Amer Sports and ANTA Sports, two superior companies in the athletic goods industry. With their great products, well-recognized brands and strong retail presence, we look forward to facilitating them to enhance their operational efficiency and capture the future growth opportunities via our smart retail initiatives supported by our advanced technologies and large user base on our social platforms.”

Mr. Bruno Sälzer, Chairman of Amer Sports, commented: “Amer Sports has developed into a leading global sporting goods company with a portfolio of highly attractive brands. We are proud of what Amer Sports has achieved over time, and are very grateful to the management team and our people for all of their contributions.”



“The offer from the Investor Consortium represents an attractive proposition for our shareholders with a significant cash premium and, in our view, is in the best interests of our shareholders. The Board of Amer Sports is encouraged by the Investor Consortium’s focus on implementing a strategy at Amer Sports that is focused on growth, and their expectation of no immediate material effect on our people or operations.”

Mr. Heikki Takala, President and CEO of Amer Sports, commented: “I would like to thank all of our people for building Amer Sports into what we are today – a leading global sporting goods company with a strong track record, great brands, and a world-class organization. The offer from the Investor Consortium represents an acknowledgement of the work we have done, and their plan to keep Amer Sports as an independent company signals a strong confidence in our strategy and business model.”

“Under the ownership of the Investor Consortium, there is an opportunity to continue to deliver our strong sustainable profitable growth with further acceleration in our strategic priorities including soft goods, direct-to-consumer and China. This acceleration provides further exciting opportunities for our people globally. I am pleased that the existing management team has been invited to continue leading the business, and also that the Investor Consortium is committed to retaining our Helsinki corporate head office.”

The Investor Consortium believes that the proposed transaction is underpinned by a very compelling business rationale:

• The Investor Consortium intends to invest significant time, resources and effort in helping Amer Sports to accelerate several important ongoing and new strategic initiatives under private ownership, including expanding Amer Sports’ businesses in the Chinese market;

• This includes investing capital and resources in product development and human talent on a global basis to provide Amer Sports’ existing management team and employees with the optimal platform from which to implement its medium-to-long-term strategic plans, with a view to accelerating Amer Sports’ growth, improving Amer Sports’ competitive positioning in the global market, enhancing Amer Sports’ ability to respond quickly to the demands of a fast-changing marketplace, and optimizing Amer Sports’ products and services offerings to its customers. In doing so, Amer Sports will not only grow into a broader platform for Amer Sports’ employees to thrive on, but will also form stronger, mutually beneficial partnerships with all its stakeholders;

• The Investor Consortium intends to provide Amer Sports with access to ANTA Sports’s extensive distribution network, R&D resources and manufacturing and sourcing capabilities in China, such that Amer Sports will have a significant opportunity to accelerate the expansion of its businesses in the Chinese market.

After the completion of the tender offer, the Investor Consortium plans for Amer Sports to be operated independently from ANTA Sports, with a separate board of directors. The Investor Consortium has invited Mr. Heikki Takala (President and CEO of Amer Sports) and his key executives to continue leading the business. Under the new ownership, Amer Sports’ management team would have the autonomy to execute on its business plan under the strategic direction of the board of directors.

The Investor Consortium has confirmed that the completion of the tender offer is not expected to have an immediate material effect on the operations or assets, the position of the management or employees or the business locations of Amer Sports and the Investor Consortium currently expects to retain Mascot’s corporate head office in Helsinki after the completion of the tender offer.

A tender offer document with detailed information on the tender offer will be published on or about December 20, 2018. The offer period under the tender offer is expected to commence on or about December 20, 2018, and to run for approximately 10 weeks. Mascot Bidco Oy reserves the right to extend the offer period from time to time in accordance with the terms and conditions of the tender offer. The tender offer is currently expected to be completed during the second quarter of 2019 at the latest.





About ANTA Sports
The ANTA brand was established in 1991, while ANTA Sports Products Limited (“ANTA Sports”; Stock code: 2020.HK), a leading sportswear company in China, was listed on the Main Board of Hong Kong Stock Exchange in 2007. For many years, ANTA Sports has been principally engaged in the design, development, manufacturing and marketing of ANTA sportswear series to provide the mass market in China with professional sporting products including footwear, apparel and accessories. In recent years, ANTA Sports has accelerated its strategy of “Single-Focus, Multi-Brand, and Omni-Channel” to deepen its footprint in the sportswear market in China. ANTA Sports aims to unlock the potential of both the mass and high-end sportswear markets in China by embracing an all-round brand portfolio including ANTA, FILA, DESCENTE, SPRANDI, KINGKOW and  KOLON SPORT, and by seizing new opportunities arising in various important retail channels.

About FountainVest
Founded in 2007, FountainVest Partners (“FountainVest”) is one of the most established independent private equity firms in Asia. FountainVest focuses on long-term oriented investments in industry leaders, partnering closely with management teams to drive growth and create value in diversified areas including in strategy, operations, finance, and industry consolidation. FountainVest has completed a number of successful landmark investments in Asia, Europe, and the US. Sectors of focus include Consumer, Media & Technology, Healthcare, Industrials, and Financial Services. FountainVest is backed by some of the largest sovereign wealth funds and public pensions plans around the world, with assets under management of close to USD5.0 billion.

About Anamered Investments
Anamered Investments Incorporation (“Anamered Investments”) is an investment vehicle owned by Mr. Chip Wilson, who is a pioneer in vertical retailing and technical apparel. As the founder of lululemon athletica inc., Mr. Wilson is an expert in designing technical fabrications and bringing technical apparel to global markets. Mr. Wilson retains a significant interest in lululemon athletica inc., as well as a well-diversified portfolio of investments in private equity, private companies, public securities, and real estate. Each of the private businesses Mr. Wilson has invested in are nurtured and supported by long-term capital and are held to a high standard of performance, governance, financial return and accountability.

About Tencent
Tencent Holdings Limited (“Tencent”) was founded in Shenzhen, China, in 1998 and went public on the Main Board of the Stock Exchange of Hong Kong in 2004. Tencent uses technology to enrich the lives of Internet users. Its social products WeChat / Weixin and QQ link users to a rich digital content catalogue including games, video, music and books. Its proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Its infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support its partners’ business growth. Tencent seeks to evolve with the Internet by investing in people and innovation.

About Amer Sports
Amer Sports is a sporting goods company with internationally-recognized brands including Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor. Its technically advanced sports equipment, footwear, apparel and accessories aim to improve performance and increase the enjoyment of sports and outdoor activities. Amer Sports’ business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports’ shares are listed on Nasdaq Helsinki.



For enquiries, please contact:
Cora Wan
consortium@hkstrategies.com
+852 9877 4860



Forward-Looking Statements
This press release contains statements that, to the extent they are not historical facts, constitute “forward-looking statements”. Forward-looking statements include statements concerning plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, business strategy and the trends in the industries and the political and legal environment and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this press release.
Information for U.S. Shareholders
The Tender Offer is being made for the securities of Amer Sports, a public limited liability company incorporated under Finnish Law, and is subject to Finnish disclosure and procedural requirements, which are different from those of the United States of America. The Tender Offer will be made in the United States of America in compliance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the applicable rules and regulations promulgated thereunder, including Regulation 14E (subject to any exemptions or relief therefrom, if applicable) and otherwise in accordance with the requirements of Finnish law. Accordingly, the Tender Offer will be subject to disclosure and other procedural requirements, including with respect to the Tender Offer timetable, settlement procedures, withdrawal, waiver of conditions and timing of payments that are different from those applicable under U.S. domestic tender offer procedures and laws.
To the extent permissible under applicable laws and regulations, including Rule 14e-5 under the Exchange Act, and in accordance with normal Finnish practice, the Offeror and its affiliates or its broker and its broker’s affiliates (acting as agents or on behalf of the Offeror or its affiliates, as applicable) may from time to time after the date of this press release, and other than pursuant to the Tender Offer, directly or indirectly purchase, or arrange to purchase shares of Amer Sports or any securities that are convertible into, exchangeable for or exercisable for shares of Amer Sports. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In no event will any such purchases be made for a price per share that is greater than the price offered in the Tender Offer. To the extent information about such purchases or arrangements to purchase is made public in Finland, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of Amer Sports of such information. No purchases will be made outside of the Tender Offer in the United States of America by or on behalf of the Offeror or its affiliates. In addition, the financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Amer Sports, which may include purchases or arrangements to purchase such securities. To the extent required in Finland, any information about such purchases will be made public in Finland in the manner required by Finnish law.
The receipt of cash pursuant to the Tender Offer by a U.S. holder of Amer Sports shares may be a taxable transaction for U.S. federal income tax purposes and under applicable state and local, as well as foreign and other tax laws. Each holder of Amer Sports shares is urged to consult his independent professional advisor regarding the tax consequences of accepting the Tender Offer.
Neither the U.S. Securities and Exchange Commission nor any securities commission of any state of the United States has (a) approved or disapproved the Tender Offer, (b) passed upon the merits or fairness of the Tender Offer, or (c) passed upon the adequacy or accuracy of the disclosure in this press release. Any representation to the contrary is a criminal offence in the United States.
American Depositary Shares and American Depositary Receipts
Amer Sports has in place an ADR program in respect of its shares. The Tender Offer will not be made for the ADSs, nor for the ADRs. However, the Tender Offer will be made for the shares underlying the ADSs. Holders of ADSs and ADRs are encouraged to consult with the appropriate depositary regarding the tender of shares that are represented by ADSs.
Holders of ADSs may present their ADSs to the depositary bank for cancellation and (upon compliance with the terms of the deposit agreement relating to the ADR program concerning the shares, including payment of the depositary’s fees and any applicable transfer fees, taxes and governmental charges) delivery of the underlying shares to them. The Tender Offer may then be accepted in accordance with its terms for such shares delivered to holders of ADSs upon such cancellation. Holders of ADSs should adhere to the timelines that may be imposed on their cancellation of the ADSs in order to be able to tender the underlying shares into the Tender Offer.
THIS PRESS RELEASE MAY NOT BE RELEASED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.
THIS PRESS RELEASE IS NOT A TENDER OFFER DOCUMENT AND AS SUCH DOES NOT CONSTITUTE AN OFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS PRESS RELEASE IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES DESCRIBED HEREIN, AND IS NOT AN EXTENSION OF THE TENDER OFFER, IN CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA. INVESTORS SHALL ACCEPT THE TENDER OFFER FOR THE SHARES ONLY ON THE BASIS OF THE INFORMATION PROVIDED IN A TENDER OFFER DOCUMENT. OFFERS WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER THE TENDER OFFER OR ACCEPTANCE THEREOF IS PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFER DOCUMENT OR REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSE UNDERTAKEN IN FINLAND.
THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW AND, WHEN PUBLISHED, THE TENDER OFFER DOCUMENT AND RELATED ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW.

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[1] During the 3-month undisturbed trading period to September 10 2018, the last trading day prior to Amer Sports confirming the receipt of a non-binding preliminary indication of interest from ANTA Sports and FountainVest Partners.
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