FRANKFURT (Reuters) – Grammer <GMMG.DE> shareholder Cascade international on Wednesday said it sees fair value of Grammer shares at about 100 euros ($116.14) a share, dismissing a 61.25 euros a share indicative bid from China’s Ningbo Jifeng Auto Parts <603997.SS> as insufficient.
“We regard the offer as economically insufficient,” Cascade International Investment said in a statement on Wednesday.
Grammer has been at the centre of a power struggle between Bosnia’s Hastor family and Ningbo Jifeng, which each hold shares of at least 20 percent in the company.
Cascade, a company controlled by the Hastor family, has accused Grammer’s management of market manipulation to help Ningbo Jifeng build a stake.
By contrast, Grammer’s management has welcomed Ningbo Jifeng, another supplier of vehicle interior components, as a potential white knight in its conflict with Hastor.
Chinese auto supplier Ningbo Jifeng Auto Parts <603997.SS> on Tuesday said it is aiming to bid 61.25 euros per share, valuing the group at around 772 million euros (674.3 million pounds), including dividends.
(Reporting by Edward Taylor; Editing by Ludwig Burger)