London - Fosun Industrial Holdings Limited, the group controlled by Chinese billionaire Guo Guangchang, has increased its majority holding in Wolford AG.

Following its acquisition of 50.87 percent of the shares from the company’s previous majority shareholders earlier this month, Fosun takeover offer to acquire all outstanding shares in Wolford has been accepted. Once the associated transactions have been processed, Fosun will hold 2,902,418 shares in the undergarment company, equal to a shareholding of 58.048 percent in Wolford.

Wolford shareholders who have yet to accept Fosun’s offer during the acceptance period have another three months, a grace period, to sell their shares to Fosun for a fixed price of 13.77 euros per share, which end on August 9, 2018. Fosun previously made a take-over offer for Wolford earlier this year, which included a commitment to for a cash capital increase of 22 million euros to help strengthen the company’s current financial structure.