MANILA, Philippines – Investment holding company Berjaya Philippines acquired a controlling stake in British car dealer HR Owen.
In a disclosure to the stock exchange Monday, October 14, Berjaya PH said it acquired 17.47 million shares or 69.74% of HR Owen’s issued and outstanding capital in a tender offer that ended last week.
HR Owen is Britain’s largest luxury vehicle dealer, selling high-end cars like Rolls-Royce, Bentley and Ferrari.
Berjaya PH bought in June 29.8% of HR Owen for 8.3 million pounds. In July, it offered to acquire the remainder of the company for 130 pence per share or 32.5 million pounds, but shareholders of the UK-based company rejected the offer.
In its disclosure Monday, Berjaya PH said it raised its offer for HR Owen to 170 pence per share on September 3. It said it made the offer on condition that shareholders would sell over 50% of HR Owen.
HR Owen shareholders agreed and Berjaya PH bought over 50% of the company on September 20, triggering a tender offer for the rest of the company’s shares. The tender offer closed on October 11.
Berjaya PH is a unit of Malaysian conglomerate Berjaya group.
It is the official distributor of Mazda vehicles in the Philippines.
It supplies equipment for lottery operations in Luzon, owns and operates a hotel in Makati, and holds the franchise for pizza restaurant Papa John’s. – Rappler.com