Grammer annual meeting halted by Bosnia-backed investor group

Automotive News Europe
June 13, 2018 14:34 CET

FRANKFURT — Grammer CEO Hartmut Mueller urged the supplier’s shareholders to back Ningbo Jifeng’s takeover offer, as a Bosnia-backed investor group opposed the move and forced a halt to the German company’s annual general meeting.

Last month Chinese supplier Ningbo Jifeng made an indicative offer of 61.25 euros ($ 71.96) per Grammer share.

Cascade, an investment vehicle controlled by the Hastor family has dismissed the takeover offer as insufficient, demanding 85 euros to 100 euros a share.

Mueller on Wednesday said Grammer has no plans for a squeeze out of minority shareholders, he told the company’s annual general meeting.

Last month, Grammer said it was is in advanced negotiations over the deal that could value the German maker of seats at about 750 million euros ($ 872 million).

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