Cambria Automobiles chief executive Mark Lavery has agreed an improved management buy-out offer of £82.5 million with the AM100 PLC’s board or directors.
Shareholders would receive 82.5p per share under the new agreement which has also prompted Lavery’s Bidco business to implement the offer by way of a takeover offer.
As a takeover, the offer now needs acceptances from a minimum of 75% of shareholders for it to succeed – excluding shares held by the management buyout team.
Lavery, finance director James Mullins and managing director Tim Duckers were given the green light to explore the possibility of a management buy-out at a price of 80p-per-share on March 22.
Share prices subsequently rose, however, and April brought an extension to the proposed MBO’s timeframe for further 28 calendar days to May 17.
A further schedule for the MBO, published last month, indicated that the Court Meeting and General Meeting at which the future of the group’s trading status should be decided would both be held at Grange Aston Martin, Hatfield, on July 16.
A postponement of those proceedings resulted in today’s improved offer.
Today’s offer notification stated that the Court Meeting previously scheduled in connection with the Scheme would not be rescheduled due to the takeover status of the new MBO.