(Alliance News) - Marshall Motor Holdings PLC on Monday revealed that Constellation Automotive Holdings Ltd, the owner of an online used car marketplace, has made a GBP322.9 million takeover bid for the company.
Under the offer, Constellation Automotive will acquire Marshall Motor for 400 pence per share in cash, reflecting a 41% premium to its closing price of 283p on Friday.
Shares in the Cambridge-based automotive retailer were 42% higher at 390.00 pence on Monday in London.
The acquisition is conditional on gaining approval from at least 50% of Marshall Motor shareholders, as well as from the UK Financial Conduct Authority.
So far, Constellation has received irrevocable undertakings and a letter of intent to vote in favour of the acquisition from Marshall of Cambridge Holdings Ltd, which holds 50.4 million shares in Marshall Motor, reflecting 64% of the company's issued share capital.
However, Constellation has not yet received a recommendation from Marshall Motor's board for the acquisition.
The acquisition has a long-stop date of June 30, 2022.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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