Berjaya Philippines Incorporated has announced a 14 day extension to its 130p per share takeover offer for luxury car dealer HR Owen.
As of 1pm yesterday Berjaya had only received valid acceptances representing 0.38% of HR Owen's shares, which would take its stakeholding up to 30.19%.
The next closing date for the offer will be 1pm on September 2. Berjaya has not increased its offer from 130p per share, a figure which HR Owen's board has said significantly undervalues the company and its prospects.
Berjaya's offer is conditional on its receiving acceptances in respect of at least 50.1% of the shares.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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