The automotive supplier has confirmed advanced negotiations with affiliated companies of the investor Ningbo Jifeng.
The auto supplier Grammer may be close to one takeover by the Chinese major shareholder Ningbo Jifeng. The company confirmed advanced negotiations with affiliated companies of Ningbo Jifeng early this morning in Amberg, which could lead to a voluntary public takeover offer to the shareholders of Grammer AG. The Chinese group has one price of 60 euros plus the proposed dividend of 1.25 euros. Grammer would thus be valued at just under 772 million euros.
At the stock market The SDax listed stock last cost 51.30 euros. The possible cash offer of 60 euros would therefore be a premium of just under 17 percent to the Xetra finish on Monday. “It is currently not clear whether the negotiations can be successfully concluded and a takeover bid will be made,” it said. “Grammer AG examines strategic options for action in the best interests of the company and will inform the capital market and the public about the progress of the negotiations in accordance with the legal requirements.”
Ningbo Jifeng currently holds just over a quarter of the Grammer shares and would now have to put another 578 million euros on the table to completely take over the company. The Bavarian company had brought the Chinese in early 2017 in the fight against a possible takeover by the controversial Bosnian investor family Hastor on board. This currently holds just over nine percent. (AP)