FRANKFURT, June 13 (Reuters) - Chief Executive Hartmut Mueller urged shareholders on Wednesday to back Ningbo Jifeng’s takeover offer, as a Bosnia-backed investor group opposed the move and forced a halt to Grammer’s annual general meeting.
Last month Chinese auto supplier Ningbo Jifeng made an indicative offer of 61.25 euros ($71.96) per Grammer share. Cascade, an investment vehicle controlled by the Hastor family has dismissed the takeover offer as insufficient, demanding 85 euros to 100 euros a share.
Mueller on Wednesday said Grammer has no plans for a squeeze out of minority shareholders, he told the company’s annual general meeting. ($1 = 0.8512 euros) (Reporting by Irene Preisinger Writing by Edward Taylor Editing by Caroline Copley)