LONDON & BOULDER, Colo.--(BUSINESS WIRE)--The Professional Triathletes Organisation today released the following letter sent to the Board of Directors of Wanda Sports Group Company Limited on 3rd February 2020 advising the Board that the PTO has closed on its financial partnership with Crankstart Investments and renewing the PTO’s proposal to enter into discussions to acquire the Ironman® business.
3rd February 2020
Board of Directors |
Andrew Messick |
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Wanda Sports Group Company Limited |
Chief Executive Officer |
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Wanda Plaza |
World Triathlon Corporation |
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Tower B, 9th Floor |
407 W. Martin Luther King |
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Blvd |
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93 Jianguo Road Chaoyang District |
Suite 100 |
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Beijing, China |
Tampa, Florida 33607 |
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Attn: Mr. Hengming Yang--CEO |
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Dear Members of the Board:
We are writing on behalf of the Professional Triathletes Organisation (the “PTO”) to advise you that we have closed on our partnership financing with Crankstart Investments. We again want to put forth our proposal to enter into discussions for the acquisition by the PTO of all of the assets of the Wanda Sports Group Company Limited (“WSG”) related to its worldwide triathlon and mass participation business (the “WTC Business”).
The PTO is prepared to consider an all-cash transaction or one in which the existing shareholders of WSG are able to participate in the growth of the WTC Business that the PTO is uniquely positioned to deliver. We strongly believe that it is only with the assistance of the PTO and its professional athletes that the WTC Business has the ability to stabilise and grow, and that without our cooperation the WTC Business would deteriorate. We are happy to work with any other financially stable group who may be interested in acquiring the WTC Business, reducing its debt load and unleashing the value only the PTO and its professional athletes can deliver.
The PTO and North Point Advisors, our financial advisors, are prepared to begin discussions forthwith with your senior management and your financial advisors and to sign a customary confidentiality agreement in order to commence certain confirmatory due diligence. In light of the significance of this proposal to your shareholders and the triathlon community, as well as the potential for selective disclosures, we will publicly release the text of this letter tomorrow morning.
We believe this proposal represents a unique opportunity to realise significant value for WSG shareholders and employees, and that the PTO can uniquely provide a healthy and growing environment for the WTC Business.
We hope that you and your Board share our enthusiasm and, consistent with applicable fiduciary duties, we look forward to a prompt and favourable reply.
Respectfully yours,
Charles D. Adamo |
Sam Renouf |
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Chairman |
Chief Executive Officer |
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Rachel Joyce |
Tim O’Donnell |
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Co-President |
Co-President |
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cc: David Jacquin |
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North Point Advisors |
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580 California Street |
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Suite 200 |
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San Francisco, CA 94104 |
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About The Professional Triathletes Organisation
The Professional Triathletes Organisation is a not-for-profit entity representing the body of professional triathletes and seeks to showcase the passion, talents, determination, struggles and achievements of the dedicated professionals who strive to realise the highest levels of the sport and inspire all those who participate in triathlon.
About North Point Advisors
North Point Advisors is a leading independent investment bank focused on providing financial advice on mergers and acquisitions and raising institutional capital to meet the growth objectives of its clients. Since its founding in 2004, North Point Advisors has advised on more than 160 transactions representing world class brands in over $25 billion of transaction value. Its industries of focus include consumer, wellness, and healthcare, and it has one of the largest and most experienced consumer M&A teams on Wall Street, completing transactions with leading brands such as Starbucks, Jimmy John’s, Kosta Browne Winery, Landry’s, Golden Nugget Casinos, Massage Envy, and Peanuts by Schulz.