They are now offering 160p per share, up 5p from the original offer of 155p, having already acquired a 29.9% stake from Pendragon plc. The offer now values the group at £47.4m. Rydnal, the vehicle formed by Peter Whale and colleagues for the purpose of the acquisition, says it has now gained acceptance for its bid from shareholders representing 79.6% of the group's equity.
Peter Whale had announced the management's bid as the only way to end uncertainty over the group's future in the absence of other confirmed offers to shareholders.
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