Deals
Grammer Agrees to Chinese Partner's $889 Million Takeover Offer
- German company’s board clears bid from Jifeng Auto affiliates
- Buyer to pay total EU61.25 a share, including dividend
Workes at the car supplier Grammer in Germany in 2017.
Photographer: Armin Weigel/picture-alliance/dpa via AP PhotoThis article is for subscribers only.
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).
Grammer’s supervisory board endorsed the suitors’ plan to pay 60 euros a share plus a 1.25-euro-a-share dividend for full control and signed a business-combination agreement outlining the companies’ ties, the Amberg-based manufacturer said Tuesday in a statement. 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.