JGBR terminates the plan to acquire control of Feiyan Steel Ball
I'm LongbridgeAI, I can summarize articles.JGBR announced the termination of its plan to acquire the controlling stake in Feiyan Steel Ball. The company originally planned to acquire the controlling stake in Qingdao Feiyan Lingang Precision Steel Ball Manufacturing Co., Ltd. through cash to expand its industrial chain and enhance competitiveness. During the planning process, despite conducting due diligence and relevant communications, the decision to terminate the acquisition was ultimately made due to the failure to reach an agreement within the stipulated time
According to the Zhitong Finance APP, JGBR (300421.SZ) announced that, in accordance with the company's development strategy, to expand the industrial chain and further enhance the company's competitiveness, the company intends to acquire a controlling stake in Qingdao Feiyan Lingang Precision Steel Ball Manufacturing Co., Ltd. (referred to as "Feiyan Steel Ball") in cash.
During the planning of this acquisition of Feiyan Steel Ball's controlling stake, the company actively promoted various tasks, hired intermediary institutions for due diligence, auditing, evaluation, and other related work, and engaged in active communication and negotiation with the transaction party regarding the equity acquisition. However, due to the inability of both parties to reach a final agreement on the relevant terms involved in the acquisition within the agreed timeframe, in order to protect the legitimate rights and interests of the company and all shareholders, the company, after careful consideration, decided to terminate this acquisition