Marshall Motor Holdings PLC - Cambridge-based auto retailer - Constellation Automotive Holdings Ltd says it has received acceptances for its agreed takeover offer of Marshall Motor representing 64.4% of all shares. This satisfies its condition of 50% acceptances, though the other condition, approval by UK Financial Conduct Authority, has not yet been satisfied. The 64.4% represents the holding of majority shareholder Marshall of Cambridge (Holdings) Ltd, which had agreed to the offer back in November, meaning no new acceptances from other shareholders have been received since. The Marshall Motor board followed Marshall of Cambridge by agreeing in early December to recommend the offer to shareholders. Constellation on Wednesday noted the deadline for acceptances of its 400 pence per share offer, worth GBP322.9 million in total, is February 12.
Current stock price: 393.00p
Year-to-date change: up from 140.50p on December 31, 2020
By Tom Waite; thomaslwaite@alliancenews.com
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