German auto supplier Grammer has said it is in talks to be taken over by its largest shareholder, Ningbo Jifeng of China.
Grammer confirmed from its headquarters in the Bavarian town of Amberg on Tuesday morning that it was in advanced talks with Ningbo Jifeng which could lead to a voluntary public takeover offer to the shareholders of Grammer AG.
The Chinese company has offered 60 euros per share plus a dividend of 1.25 euros per share, which values Grammer at 772 million euros (895 million dollars). Grammer's shares have been trading most recently at 51.30 euros on the SDax exchange.
"It is currently not foreseeable if the negotiations can be concluded successfully and if a takeover bid will be successful," Grammer said in a statement. "Grammer AG is examining in the best interests of the company strategic trading options and will inform the capital market and the public over the progress of the negotiations in line with legal requirements."
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