May 30, 2018 / 3:12 PM / a year ago

UPDATE 1-Grammer shareholder Cascade says Ningbo offer insufficient, seeks 100 euros/shr

* Grammer shares up 5.64 pct at 64.65 euros

* Grammer shareholder demands higher bid than 61.25/share

* Any bid should come between 85-100 euros/share, shareholder says (Adds details)

FRANKFURT, May 30 (Reuters) - Grammer shareholder Cascade international on Wednesday said it sees fair value of Grammer stocks at up to 100 euros ($116.14) a share, dismissing a 61.25 euros indicative bid from a Chinese rival as insufficient.

“We regard the offer as economically insufficient,” Cascade International Investment said about a non-binding offer published on Tuesday by China’s Ningbo Jifeng Auto Parts .

A takeover of Grammer should be valued between 85 euros to 100 euros a share, Cascade said.

Grammer has been at the centre of a power struggle between Bosnia’s Hastor family and Ningbo Jifeng, which each hold large stakes in the company.

The Hastor family has a stake of around 19 percent in Grammer including through its company Cascade International, while Ningbo Jifeng has amassed a 25.51 percent stake in the German auto supplier.

Cascade 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 on Tuesday said it is aiming to bid 61.25 euros per share, valuing the group at around 772 million euros ($893 million), including dividends.

Grammer’s management in May last year warned that the growing influence of Bosnia’s Hastor family has led carmakers to pare back business.

The Hastor family, which also owns auto supplier Prevent, demanded it get seats on Grammer’s supervisory board. Prevent got into a dispute with Volkswagen in 2016, resulting in stoppages at VW’s Golf assembly line. ($1 = 0.8610 euros) (Reporting by Edward Taylor Editing by Ludwig Burger and David Evans)

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