View on the entrance to the headquarters of car supplier Grammer in Amberg, Germany. (picture alliance/dpa/archive)
The Hastor investor family is exiting from its share of the German automotive supplier Grammer AG.
The Cascade investment company accepted an offer from the Chinese auto parts supplier Jifeng and put up all shares for sale "except for a small number," Cascade said on Wednesday evening.
At the last stand, the Hastors held 19 per cent of Grammer shares. According to information released by Grammer AG data on Tuesday, Jifeng now holds 46 per cent of Grammer AG shares, which were submitted for purchase.
In May, the Hastors rejected Jifeng's offer of 60 euros (69 dollars) per share as being too low, saying that a fair price would be "at least 85 euros."
The family announced that they were considering an expansion of their holding, but have now decided otherwise.
"Given the high level of shareholding in the Chinese Ningbo Jifeng (...) group, Cascade will not be able to achieve its original strategic goals any time soon," the Hastors said in a statement.
"Even if, in our view, the offer price of 60 euros does not reflect the real potential of Grammer, it is no longer in our commercial interests to continue holding on to our commitment to Grammer."
Grammer AG employs 15,000 people, 2000 of whom work at its headquarters in the Btown of Amberg in the southern German state of Bavaria. The company manufactures consoles and headrests for cars as well as seats for construction machinery and tractors.
A year ago, Grammer AG fought off a takeover from the Hastor family with the help of the then newly acquired shareholder Jifeng.
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