9:37 am, September 16, 2013
LUXURY car dealer, HR Owen, has accepted a £42.4m offer from a firm controlled by Malaysian tycoon Vincent Tan.
The deal finally brings the two-month bid battle to an end and sees the investment group, Berjaya Philippines, up its previous offer by more than 30 per cent to £1.70 a share, from the £1.30 a share it originally bid for the company in July.
The increased offer followed the announcement that Berjaya Philippines has increased its stake in the dealer from 30 per cent to more than 40 per cent of the company. Chairman of the HR Owen board, Jon Walden, said accepting the improved offer ‘represents fair value for the company.’
In a statement, HR Owen said: ‘The board has considered the merits of the increased mandatory cash offer and has concluded, having been so advised by Rothschild, that 170 pence per share represents a fair value for the company.
‘In coming to this conclusion the board has considered the limited liquidity and marketability of HR Owen’s shares and the fact that the increased mandatory cash offer is final and will not be increased unless another rival bid is made for the car dealer.’
Shareholders have until September 27 to accept the offer.
