Berjaya Philippines Incorporated has announced a 14 day extension to its 130p per share takeover offer for luxury car dealer HR Owen.
As of 1pm yesterday Berjaya had only received valid acceptances representing 0.38% of HR Owen's shares, which would take its stakeholding up to 30.19%.
The next closing date for the offer will be 1pm on September 2. Berjaya has not increased its offer from 130p per share, a figure which HR Owen's board has said significantly undervalues the company and its prospects.
Berjaya's offer is conditional on its receiving acceptances in respect of at least 50.1% of the shares.