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Takeover bid for prestige car dealer group

An international corporation has made a takeover offer for prestige car dealer group HR Owen.

Berjaya Philippines, which last month took a 29.8% stake in the London-based dealer group, has announced an offer on London's Stock Exchange for the entire share capital.

It is intended that the offer will be implemented by way of a public offer.

It is offering 130p per share. At the opening of the exchange this morning HR Owen's shares were valued at 122p each.

The offer values the share capital of the car dealer group on a fully diluted basis at approximately £32.5 million.

A formal recommendation from HR Owen's board has not been sought.

Berjaya Philippines is a holding company incorporated in 1924 in the Philippines which currently owns companies including the Berjaya Makati Hotel in Manila, Asian marketing company Cosway and the Mazda distributor for the Philippines and Malaysia.

In a further statement, Berjaya added: "BPI has built up a strategic holding in H.R. Owen over some time. 

"The Berjaya group of companies has various interests in complementary businesses covering the distribution of several leading marques comprising Aston Martin, Mazda, ERA Jinbei (commercial vehicles only), Changan (commercial vehicles only), Mercedes Benz (MPVs and lights commercial vehicles only) and Chana (commercial vehicles only).

"BPI holds a high regard for the way H.R. Owen has grown its brand. 

"Given H.R. Owen's brand and distribution capabilities BPI believes that H.R. Owen can expand its brand internationally, specifically in the Far East where, given the operations of the Berjaya group of companies, opportunities are expected to be available which BPI will seek to explore in order grow the H.R. Owen business."




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