The logo of Grammer PLC, a German company active in the automotive industry, outside the concern's headquarters in Amberg, Germany. (picture alliance/Armin Weigel/dpa/archive)
The Chinese automotive supplier Jifeng has lowered the acceptance threshold for its takeover bid for the Bavarian-based supplier Grammer. 36 percent of Grammer shares is now enough for Jifeng to close the deal, rather than at least 50 percent, said Jifeng’s owner family Wang Wednesday. 36 percent has sufficed for a majority at Grammer shareholder meetings according to previous experiences, said Jifeng.
The period to accept Jifeng’s offer has also been extended by two weeks through 06 August. The company’s assurances that Grammer will remain independent and publicly listed and that all jobs will be retained for seven and a half years remain unchanged, said Jifeng’s principal shareholders.
Grammer’s management and supervisory boards recommended shareholders to accept the takeover offer. Jifeng already owns 26 percent of the company’s shares. The controversial Bosnian investor family Hastor holds 19 percent.
Grammer employees 15,000 people, 2,000 of which are based at its headquarter in Amberg. The company manufacturers center consoles and headrests for vehicles as well as seats for construction equipment and tractors.
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