Grammer Agrees to Chinese Partner's $889 Million Takeover Offer

Date:2018/05/31 Editor:Maggie Lynn

Grammer AG agreed to a buyout offer by affiliates of Chinese partner Ningbo Jifeng Auto Parts Co. that values the German maker of vehicle seats at about 770 million euros ($889 million). The minimum acceptance threshold for the deal is 50 percent of Grammer’s stock plus one share, including the 25 percent already controlled by Jifeng Auto, the German company’s biggest stakeholder. The deal will “further stabilize the shareholder structure” and “optimize the global footprint and secure the global growth strategy” of the two car-parts suppliers, Grammer said.

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