Philippines firm makes takeover bid for HR Owen

 
Marion Dakers
LUXURY car retailer HR Owen yesterday received a takeover offer from its biggest shareholder.

Philippines-based conglomerate Berjaya, which distributes Mazda’s cars in the Philippines, bought a 29.8 per cent stake in the firm for £8.3m last month.

It said yesterday it was willing to pay 130p per share to buy the rest of the company, valuing HR Owen at £32.5m.

Berjaya Philippines, majority owned by Hong Kong-based Berjaya Lottery Management Limited, said it had not sought a formal recommendation from HR Owen’s board.

A spokesperson for the car company declined to comment last night.

HR Owen’s shares closed 7.85 per cent higher at 130.5p. The firm this week reported strong sales for the last six months, with particularly good demand for Rolls-Royce and Bentley models.

The firm was previously subject to takeover interest in 2007, but has primarily been the acquirer rather than the bid target in the recent consolidation drive across the car sales industry.

HR Owen bought Broughtons in 2011 for £1.5m and last year opened a new Ferrari showroom in Mayfair’s Berkeley Hotel.