(Alliance News) - Shares rose in Cambria Automobiles PLC on Monday as it announced the company's consent to members of its management team exploring the potential acquisition of all shares in the company they do not own.
Shares in the Swindon-based franchised motor retailer were 14% higher at 75.00 pence on Monday in London.
Chief Executive Officer Mark Lavery, Finance Director James Mullins and Motor division Managing Director Tim Duckers are exploring the potential acquisition of shares in Cambria at 80 pence in cash per share.
Lavery currently holds a 40% stake in Cambria Automobiles, while the shareholdings of Mullins and Duckers were not disclosed.
As Cambria has 100.0 million shares issued overall, it would mean that at most 60.0 million shares would be up for acquisition, valued at GBP39.6 million based on Friday's closing share price of 66.00 pence.
Cambria did stress however, that there was no certainty that an offer would be made.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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