China's Wang family succeeds with Grammer offer after lowered threshold
23/07/2018 08:40
FRANKFURT, July 23 (Reuters) - The family behind Chinese car
parts maker Ningbo Jifeng 603997.SS said on Monday that its
revised takeover offer for German peer Grammer GMMG.DE has
been successful.
The Wang family, majority shareholder of Ningbo Jifeng, said
that 37.7 percent of the Grammer shares had been tendered,
meeting a lowered acceptance threshold of 36 percent.
The German automotive interiors maker has been at the centre
of a power struggle between Ningbo Jifeng and Bosnia's Hastor
family, which holds 19 percent in Grammer and which had rejected
the offer. urn:newsml:reuters.com:*:nL5N1T15RR
Grammer's management, which had feared that its business
would suffer if the Bosnians increased their influence, had
welcomed Ningbo Jifeng as a white knight. urn:newsml:reuters.com:*:nL3N1T02WO
Anticipating that it would not get the initially targeted
majority of Grammer shares, the Wang family had revised its
offer, arguing that - based on historic attendance at Grammer's
shareholder meetings - the lower stake would still ensure a de
facto majority. urn:newsml:reuters.com:*:nFWN1UE0C9
(Reporting by Arno Schuetze
Editing by Ludwig Burger)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))