You’re still not Posh enough!
The Philippines unit of Malaysia’s Berjaya Group has extended its offer to acquire a London-based luxury auto dealer for 2 billion Pesos by another two weeks. As of 2nd September, Berjaya Philippines received shareholders’ approval to buy 90 195 shares representing around 0.38 percent of the issued stocks of London-based car distributor HR Owen, or just 0.54 percent of shares subject to the tender offer.
In a disclosure to the Philippines Stock Exchange, Berjaya Philippines Inc said that the deadline for the acquisition of the remaining shares of HR Owen Plc was moved to 16th September. This is the second extension after Berjaya earlier pushed back the original deadline from 20th August to 2nd September. “The offer price remains unchanged in connection with the extension,” Berjaya Philippines said.
In July, HR Owen’s board had recommended that shareholders “take no action in respect of this unsolicited and unacceptable offer from Berjaya,” saying the price “undervalues” the company.
The tender offer follows Berjaya Philippines’ acquisition of a 29.81% stake in HR Owen in June for 8.33 million pounds or P540.36 million. The Philippines listed firm already owns 30.19% of the luxury car distributor.
Berjaya’s investment in HR Owen marks the former’s second foray into car dealership. The company is the exclusive distributor of Mazda vehicles in the Philippines. Berjaya Philippines is also engaged in gaming and lottery management (Philippine Gaming Management Corp), hotels (Berjaya Hotel), and food and beverage (Papa John’s Pizza).