Marshall Motor Holdings could be on the verge of being bought out by the owner of BCA.
A statement reacting to speculation was released by Marshall via the London Stock Exchange this afternoon (Nov 26) just as the markets were about to close for the week.
It said the Marshall Motor Holdings (MMH) board had just been made aware by the Takeover Panel of speculation about the company.
MMH, whose chief executive is Daksh Gupta, pictured, confirmed that its largest shareholder – Marshall of Cambridge (Holdings) Ltd (MCH), which owns some 64.4 per cent of its ordinary share capital – had told the board that following a strategic review of its own business interests, it was considering selling its entire shareholding in MMH.
The statement said MMH hadn’t been in touch with any possible suitors, but added that Constellation Automotive Group – whose brands comprise BCA, Cinch and WeBuyAnyCar – had asked that it be given the chance to take part in any sale process should there be one.
Constellation has until 5pm on December 24 to say either that it intends making an offer for MMH or that it doesn’t.
However, MMH emphasised that it was by no means certain that a formal offer for MMH would be made or what the terms might be.
The deadline can be extended if the Takeover Panel agrees. The panel is an independent body that issues and administers the City’s code on takeovers and mergers, as well as supervising and regulating takeovers.