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HR Owen reverses bid position and throws in the towel

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Posh car seller HR Owen (LON:HRO) has thrown in the towel in its defence against the hostile takeover from Berjaya Philippines Inc (BPI).

The company's management bowed to the inevitable after it emerged that BPI now had a 41.5% stake in the company after it upped its initial offer of 130p a share to 170p.

HR Owen's shares were languishing at around 121p before BPI made its first offer in mid-July, so 170p a throw is not too shabby a premium, and with the market likely to be none too liquid with a 41.5% shareholder on the books, the advice now from HR Owen's board is to take the money, get in the car and drive off into the sunset.

HR Owen operates a number of vehicle franchises in the prestige and specialist car market for both sales and after-sales, predominantly in the London area. These cover fourteen sales franchises and seventeen after-sales franchises for Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, MINI, Pagani and Rolls-Royce.

Shares in HR Owen were trading at 167.9p late in the afternoon.

Quick facts: HR Owen

Price: - -

LSE:HRO
Market: LSE
Market Cap: -
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