11:50 am, January 4, 2022
The owner of BCA and Cinch has reached the acceptance threshold needed to buy Marshall Motor Group.
In an announcement via the London Stock Exchange, Constellation Automotive Holdings said its wholly owned subsidiary CAG Vega 2 Ltd, via which the buyout is being made, had received valid acceptance of its offer by majority shareholder Marshall of Cambridge (Holdings) Ltd (MCH).
Constellation – which also owns WeBuyAnyCar – is paying £325m to snap up the 64.41 per cent stake held by MCH, totalling 50,390,625 shares.
It is urging any Marshall shareholders who haven’t yet accepted its offer of 400p per share to do so by 1pm on February 12.
If it manages to acquire 90 per cent, it will then seek to compulsorily buy the remaining shares.
Constellation’s eventual aim is to take Marshall off the stock market and run it as a private concern.
As reported by Car Dealer, the buyout move took the Marshall board by surprise, and its non-executive directors are expected to resign once it’s completed.
Chief executive Daksh Gupta has been banned from talking to the press in the meantime.
Marshall is the sixth most profitable dealer business in the UK according to the Car Dealer Top 100. Its shares were down 1p at 392p today (Jan 4) when the stock market reopened after the new year break.
BCA and Cinch owner Constellation lays out its plans for Marshall Motor Group
Offer for Marshall Motor Group made by BCA and Cinch owner Constellation
Marshall Motor Group could be sold to BCA and Cinch owner
