Aston Martin Shareholder's 3% Stake Buy Now Unconditional

Wed, 14th Aug 2019 13:06

(Alliance News) - Aston Martin Lagonda Global Holdings PLC said the acquisition of a 3% stake in the luxury carmaker by a major shareholder is now unconditional on the receipt of valid acceptances.

In mid-July, Strategic European Investment Group Sarl said it was to buy 6.8 million Aston Martin shares at GBP10.00 each, for approximately GBP68.4 million.

Strategic European has received valid acceptances for 7.7 million shares, reflecting around 3.4% of the group entire issued share capital.

Strategic European Investment Group Sarl was set up last December, and is a subsidiary of Investindustrial VI LP, a fund managed by Investindustrial Advisors Ltd.

Investindustrial Advisors also manages Prestige Motor Holdings SA and Preferred Prestige Motor Holdings SA, which combined own 31% of Aston Martin.

The partial offer remains open to acceptances until its second closing date on September 26, following which the combined stake of Investindustrial Advisors' funds will rise to 34%.

Shares in Aston Martin were down 479.30 pence on Wednesday in London, a 75% discount from its initial public offering price last October of 1,900p.

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