On May 31, Sina US Time (Beijing time), according to Bloomberg, the second largest shareholder of Grammer AG rejected the acquisition proposal of the Chinese shareholder Ningbo Jifeng Auto Parts Subsidiary, and the bidding war against the German auto seat manufacturer will start again.
According to the statement of Cascade International Investment GmbH, an investment company owned by Bosnian billionaire Hastor family, Ningbo Jifeng's offer of 60 euros per share is "not satisfactory",
The family owns 10% of Grammer. The statement said that the more realistic price should be 100 euros (116 dollars) per share.
"Although we are not satisfied with the company's current performance, we still believe in its great potential," Cascade said in a statement.
Grammer shares rose, extending Tuesday's rally. Ningbo Jifeng is the largest shareholder of Grammer at present, holding 25% shares. Bloomberg took the lead in reporting that Ningbo Jifeng made an offer to Grammer. Ningbo Jifeng valued the company at 770 million euros, 19% higher than the closing price on Monday before the disclosure of the offer.
Grammer's share price rose 5.4% after Bloomberg reported that Hasters rejected the acquisition proposal