Joh. Friedrich Behrens AG (BST:JFB) has received a binding takeover offer from a foreign investor as the insolvent fastening technology specialist is looking for a new investor to provide fresh capital and help it repay its debt. The aim is to transfer the business operations of the troubled German company to the potential buyer on May 1, 2021, Behrens said on March 5, 2021 without revealing the name of the suitor. Efforts to implement an insolvency plan and to agree an asset sale with other interested parties are currently being pursued with a lower priority, the company added. Ahrensburg-based Behrens filed for insolvency under self-administration in November 2020 after failing to reach an agreement with a debt fund about the repayment of a bond. As an alternative to a sale, Behrens said in January 2021 that it would consider also a debt-to-equity swap or a capital reduction and a subsequent capital increase with subscription rights for existing shareholders.