The 130p-a-share bid from Berjaya was deemed inadequate by the 81-year-old company as it represented just a 7.4% premium to Tuesday’s closing price.
“The board strongly recommends that shareholders take no action in respect of this unsolicited and unacceptable offer from Berjaya,” it told investors.
Last month, Berjaya bought a 30% stake in HR Owen worth £8.3mln.
Sales of the company’s supercars, such as Ferraris and Lamborghinis, have soared as high-rollers show few signs of belt-tightening in the economic downturn.
Its 11 showrooms in London, such as Rolls-Royce in Mayfair, have attracted the capital’s top earners.
It also has a growing used car division, which sells Minis and Audis.
Shares in HR Owen rose 2.7% to 134p, above the price proposed by its suitors.