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.