Chinese supplier, Ningbo Jifeng has increased its share in Grammer to 74% in a mandatory disclosure in accordance with Section 23 of the German Securities Acquisition and Takeover Act (WpÜG).
Jiye Auto Parts, a company associated with Ningbo Jifeng and Grammer’s partner, added 48.45% of Grammer’s shareholders accepted the tender offer. Ningbo Jifeng’s associated companies currently hold 25.56% of Grammer’s shares.
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Including the shares which have now been tendered, this stake increased to 74%.
Grammer shareholders, who have not yet accepted the offer, may do so within a further 14-day acceptance period, which expires at 24:00 on August 23.
Grammer has had a partnership with Ningbo Jifeng since February, 2017. The tender offer is also linked to a far-reaching business combination agreement guaranteeing jobs, facilities, expertise and brand names of Grammer Group during the coming years.
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The offer is no longer subject to regulatory clearances or other closing conditions.
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By GlobalDataThe transaction is expected to be executed in the course of the third quarter this year.
Located in Amberg, Germany, Grammer specialises in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for on-road and off-road vehicles.
