Constellation Automotive has said it will publish its offer document today to acquire Marshall Motor Holdings’ shares in Marshall Motor Group.
In an announcement to the London Stock Exchange this morning (Dec 14), Constellation – through its wholly owned subsidiary CAG Vega 2 Ltd – said it’ll be outlining the terms and conditions of the offer and the ‘procedures for acceptance, with the form of acceptance’.
Last week, shareholders of Marshall Motor Holdings (MMH) were to be recommended to accept Constellation’s £325m offer to take over the listed dealer group.
MMH told the London Stock Exchange that it believed Constellation Automotive Group’s 400p-per-share offer for majority shareholder Marshall of Cambridge (Holdings) Ltd (MCH) was ‘fair and reasonable’.
The £325m offer is conditional on CAG Vega 2 Ltd receiving more than 50 per cent backing of the voting rights of MMH, as well as gaining Financial Conduct Authority approval.
In announcing the recommendation last week, MMH said consideration of the offer wasn’t purely financial, though.
‘In addition to the financial terms of the offer, the board of MMH places significant emphasis on the wider responsibilities of ownership of MMH,’ read the statement.
‘These include its history and culture, its relationships with its manufacturer brand partners which have been fundamental to MMH’s success to date, and the important role that MMH plays for other stakeholders, including its employees, customers and suppliers.’
Constellation Automotive Group owns BCA, WeBuyAnyCar and online used car retailer Cinch.
Car Dealer will report further once the offer document is published.