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Another extension for Berjaya's takeover bid for HR Owen

The takeover offer for luxury car dealer HR Owen has been extended for another fortnight by Berjaya Philippines Incorporated.

BPI made the 130p per share offer on July 29 and has now twice extended the period for shareholders to accept.

HR Owen's board have urged shareholders to reject the offer, saying it undervalues the business.

The deadline is now September 16. BPI has received valid acceptances relating to just 0.54% of the outstanding HR Owen shares. The offer is conditional on acceptance of 50.1% of the shares. 

One of HR Owen's largest shareholders is Bentley Motors, which rejected the offer.

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