The board of luxury car dealer HR Owen has stated the takeover offer it received yesterday is "inadequate" and "unacceptable".
Stakeholder Berjaya Philippines announced yesterday it was prepared to pay other shareholders 130p per share in order to take control of the group which has dealerships around London and Manchester representing Bugatti, Ferrari, Bentley, Rolls-Royce, Lamborghini and Aston Martin, including the renowned Jack Barclay dealership.
In a statement to the London Stock Exchange, HR Owen said: "The offer of 130 pence per HR Owen share represents only a 7.4% premium to the closing mid-market price of the company's shares on 16 July, the last trading day prior to Berjaya's announcement.
"The board believes the offer by Berjaya to be inadequate and at a level which materially undervalues the Company.
"Therefore, the board strongly recommends that shareholders take no action in respect of this unsolicited and unacceptable offer from Berjaya."
HR Owen said further announcements will be made as appropriate.