HR OWEN has told investors to keep the brakes on after Berjaya Philippines made an improved takeover offer for the car dealership.
Berjaya, which took a 29.8 per cent stake in the upmarket motoring firm in June, yesterday raised its offer from the 130p per share it tabled in July to 170p per share, valuing the company at £43.2m.
HR Owen’s shares spiked 14.8 per cent higher to close at 162.5p, but the company urged shareholders to take no action until the board had met to assess the offer. Before yesterday’s improved bid, just 0.38 per cent of shareholders had accepted Berjaya’s bid.
Berjaya was forced to make a fresh proposal after the conglomerate bought more HR Owen shares from JP Morgan, taking its stake up to 40.8 per cent.
The Takeover Code requires investors with a stake of more than 30 per cent to make a bid.
Berjaya, whose parent firm is chaired by Cardiff City owner Vincent Tan, said its latest proposal is final and it will not increase the offer further unless a rival bidder emerges.