06.07.2018
Grammer AG DE0005895403
DGAP-News: Reasoned statement by the Executive Board and Supervisory Board of Grammer AG regarding the takeover offer by Jiye Auto Parts GmbH
DGAP-News: Grammer AG / Key word(s): Statement
Reasoned statement by the Executive Board and Supervisory Board of Grammer
AG regarding the takeover offer by Jiye Auto Parts GmbH
06.07.2018 / 15:58
The issuer is solely responsible for the content of this announcement.
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Reasoned statement by the Executive Board and Supervisory Board of Grammer
AG regarding the takeover offer by Jiye Auto Parts GmbH
- Joint recommendation of the Executive Board and the Supervisory Board to
accept the offer
Amberg, July 06, 2018 - The Executive Board and the Supervisory Board of
Grammer AG have today released their joint reasoned statement regarding the
voluntary public takeover offer submitted by Jiye Auto Parts GmbH, a company
affiliated with Ningbo Jifeng. On May 29, 2018, the bidder announced its
decision to launch a voluntary public takeover offer to the shareholders of
Grammer AG and duly published it on June 25, 2018 after receiving approval
from the German Federal Financial Supervisory Authority. The bidder is
offering Grammer AG's shareholders a cash consideration of EUR 60.00 per
share. Prior to the offer, both companies had signed a business combination
agreement providing for far-reaching guarantees for jobs as well as Grammer
AG's existing facilities, brand and know-how. The acceptance period of the
offer commenced upon the publication of the bid documentation on June 25,
2018 and expires at midnight on July 23, 2018.
The Executive Board and the Supervisory Board of Grammer AG have carefully
and comprehensively reviewed the objectives and intentions of the bidder
described in the offer document. Considering the overall circumstances of
the offer and the bidder's objectives and intentions, the Executive Board
and the Supervisory Board are of the view that the conclusion of the offer
is in the interest of Grammer and the Grammer shareholders. Moreover, the
Executive Board and the Supervisory Board welcome the business combination
agreement concluded between the two parties with respect to the further
cooperation and future business development of Grammer.
In light of Grammer's future outlook as an independent company, the overall
circumstances of the offer as well as the conclusions from two fairness
opinions, the Executive Board and the Supervisory Board of Grammer consider
the offer price of EUR 60.00 per Grammer share to be adequate from a
financial perspective as of the date of the statement.
In their joint reasoned statement, the Executive Board and the Supervisory
Board therefore recommend that all Grammer shareholders accept the offer.
The detailed reasoned statement can be found in the Investor Relations
section at www.grammer.com.
Company profile
Located in Amberg, Germany, Grammer AG specializes in the development and
production of components and systems for automotive interiors as well as
suspension driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, we supply headrests, armrests, center console
systems and high-quality interior components and operating systems to
premium automakers and automotive system suppliers. The Commercial Vehicles
Division comprises seats for the truck and offroad seat segments (tractors,
construction machinery, forklifts) as well as train and bus seats.
With 13,000 employees, Grammer operates in 19 countries around the world.
Grammer shares are listed in the SDAX and traded on the Frankfurt and Munich
stock exchanges via the electronic trading system Xetra.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
[email protected]
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06.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Grammer AG
Georg-Grammer-Str. 2
92224 Amberg
Germany
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: [email protected]
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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702437 06.07.2018
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