Hamburg, Germany – Control of Grammer, an automotive interiors company, could change following an offer for shares in the firm.
The board of Grammer supports the proposal by the Wang family. The Wangs own over 25% of the firm through its Ningbo Jiafeng, company. The Wangs need to gain 50% plus one share to succeed.
They are offering each shareholder EUR 60/share and an additional EUR 1.25 dividend payment if they agree to sell. The price is a 19% higher than the closing price on 28 May 2018, the day before the announcement.
The german seat maker said the Wang family wants to stabilise the shareholder structure and to help it grow. It has given undertakings that for at least seven and a half years after the take over there will be no attempts to move the company location, close factories or alter employee terms and conditions. Grammer will remain listed.
Earlier in 2017, the German company saw off a take over attempt by Cascade International with help from Ningbo Jifeng, which bought a 25.5% stake in the third quarter of 2017.