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Sytner moves to takeover William Jacks

William Jacks has announced that majority shareholder Sytner is making an unconditional mandatory offer for the rest of the group.

Sytner is offering 91p per share in cash for William Jacks, valuing the issued share capital at around £10.04 million.

The offer represents a premium of 43.3 % to the closing price on December 9, 2005, when the company was told Sytner would be obliged to make an offer for the remaining issued share capital of the company.

Gerard Nieuwenhuys, Sytner's managing director, said: "The acquisition of William Jacks will allow Sytner to strengthen its relationships with its selected partners whilst providing the enlarged group with increased scale which will generate purchasing power."

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