Berjaya Philippines unit extends HR Owen buyout deadline

September 25
6:17 AM 2013

A Philippines unit of Malaysia-based Berjaya Corporation Berhad said on Monday that it has extended the duration of its offer to buy the shares of car dealer H.R. Owen's minority shareholders. The offer would be extended by another 14 days. Berjaya Philippines Inc recently acquired over 50% holding in the car dealer. Malaysian tycoon Vincent Tan-controlled Berjaya initially bought a 29.8% holding in June this year for GBP8.3 million.

Berjaya initially offered to buy the minority holdings at 130 pence or GBP1.30 until September 2 to increase acceptance rate of H.R. Owen shareholders. Berjaya later on sweetened the deal at 170 pence or GBP1.70 until September 27 after its board gave its recommendation to shareholders to accept its GBP42 million or USD65 million takeover bid. 

Its disclosure to the Philippine Stock Exchange read that H.R. Owen's minority shareholders would have until October 11 to accept their offer to buy them out. "Following the acquisition of the shares covered by the acceptances and purchases, the issuer has issued an unconditional offer to acquire all outstanding shares of H.R. Owen not already by the issuer at the same price of 170 pence per share," the disclosure read. 

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