Philippine firm aims to take over UK luxury car dealer

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HR Owen2Berjaya Philippines, the sole distributor of Mazda cars, parts and accessories in the Philippines, is trying to buy a controlling stake in 81-year-old British car dealer H.R. Owen, a trader in luxury vehicles such as Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati and Rolls Royce and franchiser for Audi, BMW, Lotus, and Mini in England and Wales.

Berjaya Philippines, which already holds 30.19 per cent of H.R. Owen, said in a disclosure to the Philippine Stock Exchange on August 22 that the offer to buy the majority of stakes to existing shareholders is valid until September 2.

The transaction value has been reported as around $51 million.

However, the British firm urged shareholders to decline the unsolicited takeover bid from Berjaya Philippines and branded the offer as “unacceptable” and “inadequate,” considering 130 pence per share reflected a mere 7.4-per cent premium over the company’s closing price on July 16 — the last trading day before the Philippine company made public its take-over bid.

Berjaya Philippines is a subsidiary of Berjaya Group, a Malaysia-based corporation which controls a wide array of businesses, including resorts, gambling, food and beverage and property and is owned by Malaysian billionaire Vincent Tan.

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Reading Time: 1 minute

Berjaya Philippines, the sole distributor of Mazda cars, parts and accessories in the Philippines, is trying to buy a controlling stake in 81-year-old British car dealer H.R. Owen, a trader in luxury vehicles such as Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati and Rolls Royce and franchiser for Audi, BMW, Lotus, and Mini in England and Wales.

Reading Time: 1 minute

HR Owen2Berjaya Philippines, the sole distributor of Mazda cars, parts and accessories in the Philippines, is trying to buy a controlling stake in 81-year-old British car dealer H.R. Owen, a trader in luxury vehicles such as Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati and Rolls Royce and franchiser for Audi, BMW, Lotus, and Mini in England and Wales.

Berjaya Philippines, which already holds 30.19 per cent of H.R. Owen, said in a disclosure to the Philippine Stock Exchange on August 22 that the offer to buy the majority of stakes to existing shareholders is valid until September 2.

The transaction value has been reported as around $51 million.

However, the British firm urged shareholders to decline the unsolicited takeover bid from Berjaya Philippines and branded the offer as “unacceptable” and “inadequate,” considering 130 pence per share reflected a mere 7.4-per cent premium over the company’s closing price on July 16 — the last trading day before the Philippine company made public its take-over bid.

Berjaya Philippines is a subsidiary of Berjaya Group, a Malaysia-based corporation which controls a wide array of businesses, including resorts, gambling, food and beverage and property and is owned by Malaysian billionaire Vincent Tan.

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