An Austrian company has offered to buy out the remaining shares of German high-end camera maker Leica Camera AG that it doesn't already own, an offer Leica management said Wednesday was fair and attractive.
ACM Projektentwicklung, which already holds 93 percent of the Solms-based company's capital, offered euro12.50 (US$16.37) per share.
Leica management said in a statement that it "believes that the valuation of the company's share made in the public tender offer of ACM Projektentwicklung is fair" and "that the purchase price offered... is attractive."
However, shares of Leica were down nearly 9.5 percent to euro10.40 (US$13.69)in Frankfurt trading.
ACM Projektentwicklung is a subsidiary of Vienna-based Socrates Privatstiftung and earlier this year acquired the 36.2 percent stake in Leica that was held by Hermes International SCA.
Leica foundered close to bankruptcy in 2005 because demand for digital cameras outstripped that of its pricey, but desirable traditional cameras. However, the company changed its management team and began focusing on digital models, a move that has brought it back from the brink of collapse.
Founded in 1849 as a maker of microscopes, Leica became a brand of choice for photographers seeking quality, handmade 35mm cameras. The company has nearly 1,300 workers.
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