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.
An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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