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UPDATE 1-Berjaya Philippines makes HR Owen takeover offer
July 17, 2013 / 1:01 PM / 4 years ago

UPDATE 1-Berjaya Philippines makes HR Owen takeover offer

LONDON, July 17 (Reuters) - Philippine investment group Berjaya Philippines on Wednesday made a takeover bid for upmarket British car dealer HR Owen.

Berjaya Philippines, which last month bought a 29.8 percent stake in HR Owen for 8.3 million pounds ($12.55 million), offered 130 pence per share for the remainder of the company, valuing it around 32.5 million pounds.

Berjaya Philippines, majority owned by Hong Kong-based Berjaya Lottery Management Limited, said it had not sought a formal recommendation from HR Owen’s board.

HR Owen is Britain’s largest luxury and supercar dealership, selling high-end vechicles such as Lamborghinis, Ferraris, Bentleys and Rolls Royces.

Shares in HR Owen, which have almost doubled in value this year, were 7.8 percent up at 130.5 pence by 1250 GMT.

HR Owen was not immediately available for comment when contacted by Reuters.

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