The Chinese major shareholder Ningbo Jifeng intends to complete its planned acquisition of the German automotive supplier Grammer by the end of the third quarter. Ningbo Jifeng announced their public takeover bid on Monday and confirmed that, as previously announced in May, it is offering 60 euros per share of the SDax-listed company. With 12.6 million shares outstanding, the total value of the acquisition is approximately 756 million euros.
The acceptance period began on Monday and ends on July 23. The minimum acceptance rate is 50 percent plus one share. Ningbo Jifeng already owns more than 25 percent of Grammer’s shares. The German financial supervisory authority BaFin approved the offer at the end of last week.
Grammer's management supported the plans when they were announced in May. Grammer is to remain listed on the stock exchange and will be managed independently. The manufacturer of car central consoles, headrests and car seats went through a difficult time recently after it fended off a takeover attempt by the Bosnian Hastor family of investors with Ningbo’s stake. Grammer employs 15,000 people, 2,000 of whom work at its headquarters in the Bavarian town of Amberg.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
