Aixtron’s announcement last Friday that is in talks with Chinese investment group Fujian Grand Chip Investment Fund (GCI)’s German subsidiary has attracted criticism from one of the group’s largest shareholder Argonaut Capital, according to a Financial Times report.

GCI has offered to purchase company shares at EUR 6 per share, and the transaction is expected to value EUR 670 million (US $750 million).

One of Aixtron’s largest shareholders Argonaut Capital has been critical of the proposed takeover, though. The financial institute has a 8% stake in Aixtron, or about 9.7 million shares.

Barry Norris, Chief Investment Officer of Argonaut Capital has questioned whether the buyout price was actually worth the value for shareholders, since Aixtron had injected about EUR 300 million in R&D over a span of five years.

He was concerned GPI had made an “opportunistic bid” and questioned whether an industry buyer could have provided better results than private equity investors.

 “It is really not clear whether this change in management is going to result in any tangible increase in revenues or profits,” he said.

In contrast, Aixtron Chairman Kim Schindelhauer has been optimistic about the benefits from the transaction. He told board members the transaction was a positive development for shareholders, and would aid the launch of Aixtron new products on the market. Moreover, GCI would be able to provide local market insights that would support the company’s business operations in Asia, he added.

The latest transaction would help the company grow and expand its workforce, and the company will not reduce its workforce.