HR Owen says Asian bidder's offer is 'derisory'
The Asian bidder for HR Owen is not high-end enough, the luxury car dealership said yesterday as it dismissed the takeover approach as "derisory".
HR Owen – which also revealed first-half profits were up 23.2 per cent – said Malaysian billionaire Vincent Tan's Berjaya Philippines only has experience in high-volume, commercial vehicles, which was "very different" from the high-end car business.
The £32.5m hostile offer from Berjaya, which holds a 29.8 per cent stake, will be voted on by shareholders later this month. Shares in HR Owen closed up 4.5p at 142.5p, 9 per cent above the 130p offer price.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies