Berjaya Philippines Incorporated's takeover offer for luxury car dealer HR Owen ended on Friday, leaving Bejaya with a controlling stake in the London-based motor retailer.
At the close of the offer period Berjaya announced it had acquired or had acceptances for 69.7% of HR Owen's total shareholding.
It appears that Bentley Motors, which had been HR Owen's largest single shareholder prior to Berjaya's offer, has not sold its 28% stake, blocking Berjaya's outright takeover of HR Owen, which operates Bentley's global flagship Jack Barclay dealership in London.
Berjaya PH bought in June 29.8% of HR Owen for £8.3 million.
In July, it offered to acquire the remainder of the company for 130 pence per share or £32.5m, but shareholders of the UK-based company rejected the offer.
In its disclosure today, Berjaya PH said it raised its offer for HR Owen to 170 pence per share on September 3. It said it made the offer on condition that shareholders would sell over 50% of HR Owen.
HR Owen shareholders agreed and Berjaya PH bought over 50% of the company on September 20, triggering a tender offer for the rest of the company's shares. The tender offer closed on October 11.
Berjaya supplies equipment for lottery operations in Luzon, owns and operates a hotel in Makati, and holds the franchise for pizza restaurant Papa John's. Its other automotive interests include a Mazda distribution business in the Philippines, and is headed by Malaysian tycoon Vincent Tan, who also owns Cardiff City Football Club.